W.W. Granger, Inc. (NYSE: GWW) reported Wednesday that its earnings grew by 3 percent in its fiscal first quarter, citing the company’s combined operations and several of office closings, according to Associated Press.
Its earnings fell shy of Wall Street profit expectations, with the increased revenues posted Granger largely due to currency exchange.
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The company still boosted its annual outlook for the second time this year.
Granger now expects earnings of $5.70 to $6.10 a share this year on an increase in sales of between 9 percent to 12 percent. In January the company said it expected 2010 earnings of between $5.40 to $5.90 a share on a 6 to 10 percent increase in sales.
Granger earned $99.2 million, or $1.31 per share, in the first three months of the year, compared to $96.4 million, or $1.25 per share, in the same period last year.
Revenue increased 14 percent in the quarter to $1.67 billion, compared with the year-ago period.
Granger said it would have made $1.38 a share in the quarter, if not for special items including a tax expense related to health care benefits for retired workers following passage of the Patient Protection and Affordable Care Act.
Analysts, which typically exclude special items, had expected earnings of $1.38 per share on revenue of $1.64 billion.
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