Grainger Reports Sales of $7.2 Billion, EPS of $6.93

Grainger GWW today reported record sales, net earnings and earnings per share for the year ended December 31, 2010. Sales of $7.2 billion were up 15 percent versus $6.2 billion in 2009. Net earnings of $511 million increased 19 percent versus $430 million in 2009. Earnings per share of $6.93 increased 23 percent versus $5.62 in 2009. Two unusual non-cash items were included in 2010 earnings, a $0.28 per share benefit from changes to the company's paid time off policy and a $0.15 per share tax expense related to the tax treatment of retiree healthcare benefits following the passage of the Patient Protection and Affordable Care Act, which resulted in a net benefit of $0.13 per share. Results for 2009 included a $0.37 per share gain from the MonotaRO transaction in September 2009. Excluding these unusual items from both years, net earnings increased 29 percent and earnings per share were up 30 percent in 2010 versus 2009.