Shares of W.W. Grainger Fall on Drop in Net Income

   By Patrick Thomas

W.W. Grainger Inc. (GWW) reported earnings of $104.4 million, or $1.82 a share, in the third quarter, down 36% from a year earlier, after the company booked a $139 million impairment charge related to its Cromwell business in the U.K.

On an adjusted basis, the Lake Forest, Ill.-based industrial supply company reported earnings of $4.19 a share. Analysts polled by Refinitiv were expecting adjusted earnings of $3.94 a share.

The company attributed the Cromwell-related charge to "a slower growth trajectory and structural issues," including the prolonged Brexit uncertainty.

Revenue rose 7% to $2.83 billion. Analysts were expecting $2.84 billion in revenue.

Shares in W.W. Grainger fell 7.4% in premarket trading. The company's stock is up nearly 35% so far this year.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 16, 2018 09:07 ET (13:07 GMT)

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