RTTNews | Apr 30, 2021 08:48AM EDT

08:47 Friday, April 30, 2021 (RTTNews.com) - W.W. Grainger Inc. (GWW) reported that its first-quarter net earnings attributable to the company rose to $238 million or $4.48 per share from $173 million or $3.19 per share in the prior year, reflecting higher operating earnings.

Reported operating earnings for the first quarter of 2021 of $358 million were up 126% versus the first quarter of 2020, primarily due to charges taken in the first quarter of 2020 related to the now divested Fabory business. On an adjusted basis, operating earnings for the quarter of $358 million were up 4% versus the first quarter of 2020.

Adjusted earnings per share in the quarter of $4.48 increased 6% versus the first quarter of 2020. Analysts polled by Thomson Reuters expected the company to report earnings of $4.30 per share. Analysts' estimates typically exclude special items.

Sales for the first-quarter were $3.08 billion, up 2.8% and up 5.9% on an organic, daily, constant currency basis compared to the first quarter 2020 driven by strong performance in both the High-Touch Solutions North America and Endless Assortment segments. Analysts expected revenues of $3.05 billion for the quarter.

Looking ahead for fiscal year 2021, the company projects earnings per share to be in the range of $19.00 - 20.50, and net sales of $12.7 billion - $13.0 billion. Wall Street currently is looking for fiscal year 2021 earnings of $18.6 per share on annual revenues of $12.38 billion.

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