WW Grainger cuts 2024 sales forecast on slow demand

(Reuters) - Industrial maintenance and safety products supplier WW Grainger Inc on Thursday lowered its annual sales forecast due to slower-than-expected demand, sending its shares down 4% in premarket trading.

The Lake Forest, Illinois-based company now expects 2024 sales to be between $17 billion and $17.3 billion, down from its previous forecast of $17.2 billion to $17.7 billion, issued in April.

The company provides hand tools, power tools and industrial products to home improvement retailers, construction businesses and aerospace manufacturers.

Second-quarter sales for the company, which competes with Fastenal and WESCO, rose 3.1% to $4.31 billion.

Adjusted per-share earnings for the quarter ended June 30 was $9.76, up from $9.28 a year earlier.

The stock until the last close had gained 18% so far this year.

(Reporting by Pratyush Thakur in Bengaluru; Editing by Vijay Kishore)

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