W.W. Grainger Q1 2024 Earnings Call Transcript

Quartr
Provided by Quartr
April 25, 2024

There are 11 speakers on the call.

Operator

Greetings. Welcome to the W. W. Grainger First Quarter 2024 Earnings Call. At this time, all participants are in a listen only mode.

Operator

A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to Kyle Bland, Vice President, Investor Relations. Thank you. You may begin.

Speaker 1

Good morning. Welcome to Grainger's Q1 earnings call. With me are D. J. McPherson, Chairman and CEO and Dean Merriwether, Senior Vice President and CFO.

Speaker 1

As a reminder, some of our comments today may include forward looking statements that are subject to various risks and uncertainties. Additional information regarding factors that could cause actual results to differ materially is included in the company's most recent Form 8 ks and other periodic reports filed with the SEC. This morning's call will focus on results for the Q1 of 2024, which are consistent on both a reported and adjusted basis. As a reminder, we have included a daily organic constant currency sales growth metric within these materials to normalize for the divestiture of our ENR industrial sales subsidiary, which was sold at the end of 2023. Definitions and full reconciliations of this and any other non GAAP financial measures with their corresponding GAAP measures are found in the tables at the end of this presentation and in our earnings release, both of which are available on our IR website.

Speaker 1

We will also share results related to Monotaro. Please remember that Monotaro is a public company and follows Japanese GAAP, which differs from U. S. GAAP and is reported in our results 1 month in arrears. As a result, the numbers disclosed will differ from Monotaro's public statements.

Speaker 1

With that, I'll turn it over to D. G.

Speaker 2

Thanks, Kyle. Good morning and thanks for joining the call. 2024 started well as we remain grounded in the Grainger Edge, we are focused on starting with the customer staying focused on what matters most. I've seen this play out in several ways throughout the quarter. In February, we hosted the Grainger Show in Orlando, where over 10,000 of our customers, suppliers and team members came together to showcase the products and solutions that Grainger offers.

Speaker 2

It remains a great opportunity to work together with our partners to solve customer problems. We've received great feedback on progress since the event. I've also had the opportunity to meet with a diverse set of customers for many industries. It has been great to see how the Grainger team continues to deliver value and further embed into our customers' operations. During a recent visit to a musical instrument manufacturer, I had the chance to see how our team partnered with the customer to help them standardize their product portfolio to lower cost and improve efficiency.

Speaker 2

This included leveraging our strong supplier relationships and expanding our KeepStock solution to ensure they have the right products in the right locations. I also spent time at a large public health system, which was in the process of building a new hospital. Throughout the project, we supported their operations as they transition to the new facility, ensuring products remain readily accessible across the campus. By supporting this customer throughout the significant change, we deepen their trust in Grainger and allow them to focus on their area of expertise, patient care, while we took care of their MRO needs. Across all my visits, it's clear that we continue to show up well for our customers.

Speaker 2

Based on what I've seen, while each industry dynamic is different, overall demand for MRO products has remained soft, but generally steady to start the year. Inflation remains a talking point with customers and suppliers and is turning out to be stickier than we originally anticipated heading into 2024. Dee will provide details in a bit. Moving on to our Q1 performance, you can see we started the year largely as expected, delivering another year of solid another quarter of solid results. Total company sales were up 3.5% or 4.9% on a daily organic constant currency basis with positive contributions from both segments.

Speaker 2

In High Touch Solutions, we continue to advance our 5 key growth engines we leverage our technology and data assets to unlock further value for customers. Within the endless assortment business, we remain focused on acquiring new customers, improving repeat purchase rates across the segment and we made solid progress here in the quarter. From a profitability standpoint, total company operating margin was down as anticipated to 15.8%, a decrease of 80 basis points over the prior year. EPS finished the quarter roughly flat versus prior year at $9.62 Beyond the P and L, ROIC remained strong at 42.9 percent and operating cash flow finished at record levels, which allowed us to return a total of $360,000,000 to Grainger shareholders through dividends and share repurchases. Lastly, I want to mention that yesterday we announced a 10% increase to our quarterly dividend, marking the 53rd consecutive year of expected dividend increases, something we are very proud of.

Speaker 2

In addition, the Board refreshed our repurchase authorization enabling the buyback of up to 5,000,000 shares of common stock. These combined actions reflect our continued commitment to returning cash to shareholders through a balanced and return focused approach. Overall, 2024 started off largely as expected and the business continues to perform well. With this, we are reiterating our full year 2024 guidance. We are set up to have a strong year of results for all stakeholders.

Speaker 2

I'll now pass it to Dee to go through the details.

Speaker 3

Thanks, Gigi. On Slide 7, you can see the high level results for the total company, including 4.9% growth on a daily organic constant currency basis. The quarter played out as anticipated despite tough comps, continued rebaselining of the endless assortment business and impact from holiday timing in the period. Operating margins were down 80 basis points year over year, but finished largely as expected in the quarter. Gross margins were lower by 50 basis points as we lap outsized favorability in the prior year period and SG and A delevered 30 basis points as we ramp demand generating investments to drive long term profitable share gains.

Speaker 3

In total, we delivered diluted EPS for the quarter of $9.62 up 0 point 0 $1 over the prior year period and in line with our expectations to start the year. Moving on to segment level results, the Hi Tec Solutions segment continues to perform well with sales up 3.4% on a reported basis or 3.8% on a daily organic constant currency basis. Volume growth remained strong, which offset a slight contraction in price due to timing. All geographies saw growth in the period. In the Q1, the U.

Speaker 3

S. Continued to see strong growth with contractors, government and healthcare customers. This growth offset slowing demand in other end markets, including manufacturing and commercial services, as well as the impact from holiday timing. Overall, demand remains soft, but largely unchanged over the last few quarters. For the segment, gross profit finished the quarter at 41.8%, improving sequentially but below normal seasonality amidst a more muted pricing backdrop.

Speaker 3

On a year over year basis, gross margin was down 60 basis points, primarily due to the timing of price cost spread, along with the lap of a 20 basis point one time favorable freight adjustment in the prior year. These headwinds were partially offset by continued freight and supply chain efficiencies, which began in the Q1 of 2023 and are now fully normalized. While the quarter finished in line with our expectations on gross margin in total, We were a little more price cost negative than anticipated as the timing of price and cost is never perfect. As the year progresses, we expect price cost spread will recover and finish the year closer to neutral. SG and A delevered 40 basis points as we continue to invest in our demand generating growth engines, including marketing and seller headcount.

Speaker 3

We will continue to stay disciplined with our spending and rigorous in understanding cause and effect, but feel it's prudent to invest through the cycle to gain share over the long term. Overall, these results position us well for another strong year within the High Touch segment. Looking at market outgrowth on Slide 9, we estimate that the U. S. MRO market including volume and price grew in the quarter between 2% 3%, nearly all from continued price inflation.

Speaker 3

This indicates that the Hi Tec Solutions U. S. Business achieved roughly 150 basis points of market outgrowth in the Q1 in total. Similar to last quarter, this more muted quarterly outgrowth reflects the higher PPI based price inflation than Granger's 1st quarter price contribution. As we mentioned in the past, there is no perfect market measurement for our business and when comparing a broader external metric of inflation to our MRO product mix, there can be noise, especially in quarterly periods.

Speaker 3

That being said, as DG alluded earlier, inflation has been stickier than we originally anticipated and we're taking some corrective actions in the 2nd quarter to ensure we adhere to our 2 core pricing tenants, maintaining market relevant prices while ensuring price cost neutrality over time. Importantly, on a pure volume basis, when looking at our volume contributions versus the growth in industrial production, our volume outgrowth is closer to 4 50 basis points, reflecting continued strong performance for our high touch growth engine. Moving to our endless assortment segment. Sales increased 3.7% or 10% on a daily constant currency basis, which adjusts for the impact of the depreciated Japanese yen. Zuora U.

Speaker 3

S. Was up 5.1% while Monitaro achieved 13.1% growth in local days local currency. At a business level, Zorro saw continued strong growth from B2B customers who remained up year over year in the high single digits. This helped offset continued declines with non core B2C and B2C like customers, which were down double digits year over year. We expect these B2C headwinds to subside as the year progresses.

Speaker 3

At Monitaro, sales were strong from continued growth with enterprise customers coupled with solid repeat purchase rates within their core B2B customer base. On a reported basis, however, these strong results are nearly all offset by continued foreign exchange rate pressures as the yen sinks to near all time lows versus the dollar. Operating margins for the segment declined 20 basis points to 7.9%, largely driven by gross margin favorability at Monitaro from freight and supply chain efficiencies, which were more than offset by negative mix at Zorro as gross margins continue to normalize following the last few years of inflation. Overall, it was a good quarter for the endless assortment business. Now an update on the remainder of the year.

Speaker 3

Overall, we said Q1 played out much as we expected and results aligned well within the guidance ranges we laid out at the beginning of the year. This has continued into April with daily organic constant currency sales up 5.7% month to date. This gives us confidence to reiterate our current full year 2024 guidance, which includes daily organic constant currency sales growth between 4% and 7% and EPS ranging between 38 dollars $40.50 up roughly 7% at the midpoint. On seasonality, top line comps get easier as we move through the year. Operating margins will dip down sequentially in the 2nd quarter as gross margin moderates slightly and SG and A leverage declines as merit increases go into effect and marketing investments continue to ramp.

Speaker 3

With that, we expect modest year over year EPS growth in the 2nd quarter with earnings ramping from there in Q3 and Q4. Although we are maintaining our guidance ranges, I did want to call out the increasing headwind we're seeing from foreign exchange rates. As it stands today, the dollar to yen spot rate sits roughly at $1.55 well above the $1.44 we originally planned in January and still assume in our current guidance. If rates remain at these elevated levels, this would cause roughly $140,000,000 incremental headwind to our full year 2024 reported net sales guidance and an approximate $0.13 decrease to annual EPS. Overall, we're pleased with how the business is performing and remain confident in holding expectations for the year.

Speaker 3

With that, I'll pass it back to D. G.

Speaker 2

Thanks, Dee. Grainger's ongoing success is made possible by our people. And I'm fortunate that I am routinely able to spend time with our frontline team members. And it's clear that they are deeply connected to our customers working side by side to help solve their most challenging problems. I believe this commitment to our customers is because of the emphasis we put on building a culture where every team member knows that they can make a difference.

Speaker 2

Earlier this month, Grainger was named to Fortune's Best Place Workplaces in 2024 for the 3rd consecutive year. This is an exclusive recognition that honors companies with the best cultures and people, which is a perfect way to describe what we have at Grainger. I'm confident the team will continue to keep working towards our goals and delivering on the things that matter most for our customers, team members and all stakeholders in 2024 and beyond. With that, we will open the line for questions.

Operator

Thank Dave Manthey with Baird. Please proceed.

Speaker 4

Yes. Hey, good morning. This is Quinn Fredericksen on for Dave. First, can you update us on you made some comments about taking some pricing actions. I think before you were saying 0% to 1% price in high touch this year.

Speaker 4

Can you update us on that? And then just any gross margin implications

Speaker 1

from here?

Speaker 2

Yes. So I'll provide a few comments and then Dee can provide any details. So as you mentioned, inflation has been a bit stickier than we expected. Originally, we thought inflation would be 0% to 1%. It's likely to be 1% to 2% at this point.

Speaker 2

That outlook is lower than the headline PPI index because our industry specific factors are different than the PPI index and that difference has contributed to lower market outgrowth the last few quarters and we do see these short term disconnects from time to time. We saw it in 2022 as well, but they smooth out over time. We are a little late to judge the increase in prices this year. And so we are taking action 5.1. We price 5.1 cycle and that cycle is going to correct make some corrections.

Speaker 2

I think that's well in motion and that's already basically executed and will start happening next week. I think importantly, when you strip out the lumpiness from pricing, our volume outgrowth has been very good, something like 400 plus basis points. So we continue to see nice volume growth and we think the pricing will correct. It's just a timing thing.

Speaker 4

Thank you. That's helpful, D. G. Maybe on the Endless Assortment segment, any color you can share just on that, the B2C portion? I guess, are you seeing that kind of progress as you would expect and still anticipating that inflecting positively in the back half of the year?

Speaker 4

And then obviously, you reported that 10% segment growth even in spite of that. So any change to the 7% to 10% constant currency growth assumption for the year?

Speaker 2

No, we don't have any change. I think we will still have a bit of a headwind for consumers, B2C and B2C like customers through the Q2. We think that will go away as the year moves on and that could become positive. But generally that's all built into the 7% to 10%.

Operator

Our next question is from Nigel Coe with Wolfe Research. Please proceed.

Speaker 5

Great. Thanks, guys. I appreciate the question. So obviously, the yen fairly small in the scheme of things, to be honest with you. But I'm curious how that impacts potentially Monotaro's margins, because I understand a fair amount of the product is imported into Japan from China and other places.

Speaker 5

So does that have any impact from a transactional basis as opposed to just translational? Or does that $0.13 fee, does that cover both transactional and translational?

Speaker 3

So, yes, I'll start with the first part of your question. So, the majority of Monitaro's COGS are in the end. They do have some U. S. Denominated, but it's a much smaller portion of their COGS.

Speaker 3

And they've done a really nice job over the last several years of being able to pass on inflation through price to account for the disaggregation between yen and the dollar. As it relates to I think you kind of talked about when we then consolidate the business, you have the tax effect that impacts us. And then we just end up really with want to eliminate non controlling interest, just have the translation risk. And we generally from a philosophical perspective, don't attempt to hedge translation risk because it's not real economic risk

Speaker 2

for us.

Speaker 5

Right. Okay. That's helpful. And then just to tie a bow on the 2nd quarter kind of color, I guess. It seems like sales growth might be a little bit better year over year, perhaps margins a bit more contraction year over year than 1Q.

Speaker 5

How does price cost look in 2Q versus 1Q in light of the pricing actions? And maybe just talk about how that price cost develops from 1Q to 2Q? I know there's a lot there, but any more color on 2Q would be helpful.

Speaker 3

Sure. Yes. I think the first two statements you made were correct. And as we look at the balance of the year starting in the Q2 with the actions that D. G.

Speaker 3

Noted that we are in the process of taking, we expect price cost to continue to improve from here. And we expect to end the year close to price cost neutral. So team is working really hard, making sure that they're following our 2 core tenants, which is 1st and foremost remaining price competitive. But then also looking through our assortment and estimating the continued cost increases that we're going to experience that we can time that as close to possible as we can so that we can end up price cost neutral.

Operator

Our next question is from Tommy Moll with Stephens Incorporated. Please proceed.

Speaker 6

Good morning and thank you for taking my questions.

Speaker 2

Good morning.

Speaker 6

D. G, I wanted to start on the core B2B Zoro customers where I think you said from a customer perspective you're up high singles this quarter. What can you tell us about some of the initiatives internally where you've redoubled efforts to continue to drive that stickiness and repeat transaction rate among that cohort? And how are those initiatives progressing?

Speaker 2

Yes. They're progressing well. Most of the focus is on so Zoro has always been a very good acquirer of new businesses and they continue to do that well. We look at the Japanese business and Zoro and we compare notes and the repeat business has been lower historically at Zoro than it's been at Japan, but we steadily increased that. And that is a lot of sort of marketing science looking at what to present to customers after the first order, how to understand who those customers are presenting the right products and the right offers after we get that first order.

Speaker 2

So most of it is around marketing actions that we're taking and the Japanese team and the U. S. Team are working very closely to make sure we transfer best practices and drive repeat rates up. And we've seen good results for the last probably the last 6 months actually in terms of improved repeat rates.

Speaker 6

And then a follow-up on inflation, which you've hit on a couple of times here and it sounds like you're going to address some of the price cost issues in early May. What are the factors that changed year to date? Was it more on the cost input side coming in a little hotter than you expected or what did you see out there?

Speaker 3

So I would say it was a couple of things. So one, Didi talked a little bit about like misjudging the path of inflation here. We started to lower some prices at the end of last year. And so probably did that a little too quickly. And then when we started and assessed the 2024 increases in Q1, probably a little softer there.

Speaker 3

We have a range of outcomes that we attempt to plan for as everyone else. And we're looking at market outlooks that are continually changing. It's something that we have to deal with every year and we work really hard to get close to as close as possible as we can to something that we could definitely execute and hit. And so we also have a range of COGS outcome or cost outcome from our suppliers. And so I would say the second thing is some of those cost outcomes from the range that we said is coming in a little bit higher than what we had anticipated.

Operator

Our next question is from Jacob Levenson with Melius Research. Please proceed.

Speaker 7

Good morning, Deirdre. Good morning.

Speaker 3

Good morning.

Speaker 7

Just on the investment that you folks are making, I assume you see the Granger ads everywhere these days, but can you give us a sense of where you're spending the money? And is that is there any change in the rate of change, if you will, in those investments? Or is this just something you've been doing pretty consistently? Or is there some sort of opportunity where you see a chance to put a little bit more money to work and I'll leave it at that.

Speaker 2

Yes. I would say that it's all planned. There hasn't been a change in the path. We invest in many ways, I'd say, but from a cash perspective, supply chain investments, we've talked about the new building in the Northwest and Houston, those are in full swing. We also invest in technology.

Speaker 2

That's the other primary investment we make from a cash perspective. And then from an expense perspective, marketing is a big part of it. We invest up and down the marketing stack. We invest in advertising. We invest in paid search, of course, and then we invest in what we call mid funnel, which is more targeted direct marketing with our customers.

Speaker 2

And what I would say is that we're constantly evaluating the returns on those and making minor tweaks, But what you're seeing today is just normal planned spend.

Speaker 7

Okay. That makes sense. Just on a different topic, I know you folks have been a pretty consistent repurchase of your own stock for a very long period of time, but the shares have obviously had a phenomenal run the last couple of years. Does that and you've got an potentially under levered balance sheet, does that change the capital at all and how you're thinking about what are the external capital allocation priorities here?

Speaker 3

So, we expect to maintain the course on our capital allocation strategy. We feel it's been working well for the investment community. It helps us maintain a good level of financial flexibility, but we're targeting to return any excess cash after we have invested repurchase. Those two vehicles we feel are both efficient for us and efficient for shareholders.

Operator

Our next question is from Christopher Glynn with Oppenheimer. Please proceed.

Speaker 8

Yes. Thanks. Good morning. I was wondering about the Utility and Commercial Services verticals down mid single digit, if you could provide any complexion there, particularly maybe in the utility side, seems like that should be a little stronger.

Speaker 2

Yes. So, what I would say is that they're both relatively small for us. And so in utilities in particular, there's a single customer that has had some challenges and that has had a big impact there. So it isn't really a sector. We don't play big enough in utilities to really be a sector barometer.

Speaker 2

So I would say it's sort of noise there.

Speaker 8

Okay, great. And then I wanted to ask about the medium customers parallel to, I think it was Jake's question on the small. But, you're also developing some regional and vertical models there to support long term penetration and accelerate the performance there relative to the large customers just given the share differentials and lower penetration with medium. So curious for kind of a diagnostic update on your action plans there with the medium and how you see that unfolding?

Speaker 2

I mean, a lot of the things that we're doing around the business, certainly we have a supply chain that's built very effectively for both large and midsize customers. We have a lot of our resources attached to large customers, all of our sales force and our inventory management teams and some of our support teams. And that is the lion's share of our revenue. Since we made the price change in 2017, we've recaptured virtually all of what we had lost in mid sized customers. And certainly, the marketing initiatives have been helpful for that.

Speaker 2

The merchandising initiatives have been helpful for that in terms of helping us regain that share. We continue to grow faster with midsized customers than large. And we expect to do so for a long time. And there's a number of initiatives that we have that are supporting that, although I would say most of our initiatives raise all boats and we do a lot of things to sort of scale across the entire business.

Speaker 8

Got it. Thank you.

Operator

Our next question is from Deane Dray with RBC Capital Markets. Please proceed.

Speaker 9

Thank you. Good morning, everyone.

Speaker 5

Good morning, Ian.

Speaker 9

Hey, I joined a little bit late, so I apologize if you had gotten any of these specifics. But I know you called out the timing of the holiday. Just for Easter holiday, can you size that? And was there any impact on January weather that you could detect?

Speaker 3

Hi, Deane. So, yes, let me start with the last one, which is January weather. So, I will say the impact of January weather for us, we started off a little slower than normal and then it impacted the quarter a little bit. But by the time we got to the end of the quarter and started to ramp up, it's really immaterial for the overall quarter. And then moving to the I think you're referencing like the Good Friday holiday.

Speaker 3

It was about $10,000,000 impact for us in March. And we laid out where we're at month to date, up 5.7%. So we feel like we're in pretty good stead starting off for the Q2.

Speaker 9

That's real helpful. And then just second question, any change in the out growth dynamics, either what you saw this quarter and expectations for the year?

Speaker 2

No, I don't there's any change in outgrowth expectations. We talked earlier if you weren't on about the fact that price in our markets been a little lower than PPI. Sometimes the broad metrics may not track exactly to our market, but that evens out over time. But our volume growth has been very strong through the quarter and we're taking action to improve the pricing environment starting May 1. So I think really we don't think there's really any change dynamic.

Operator

Our next question is from Chris Dankert with Loop Capital Markets. Please proceed.

Speaker 1

Hey, morning. Thank you. Apologies if I missed it, but on the step up in SG and A in the Q1 here, was there anything one time there? Maybe just if you could walk through some of the moving parts for that kind of drove that step up?

Speaker 3

Yes. No one time items to call out in nature. I think as we provide color and provide the guide, we've been pretty consistent in noting that as we move through the year, we expect to continue to invest in demand generating growth engines. And so a lot of the step up in the quarter was investing in the areas that DG kind of called out a couple of questions ago. Sorry if you missed that, like marketing and our investment capacity, those that kind of fall into the expense line versus the marketing line.

Speaker 3

I will say that we are very diligent in our spending if it is what we classify as non core, which is things that are not demand generating and those costs were fairly flat in the quarter. And we intend to help those teams invest while they grow, they have to continue to focus on growing much slower than sales.

Speaker 1

Understood. Thanks for the color there. And then just any kind of update on the development and deployment of that customer information tool and kind of how that's been impacting things?

Speaker 2

Yes. I mean, so we've been on several year journey to improve our customer information that what I would say is customer information in our market is really messy. So there isn't clean data sources that tell you who customers are and what they do and how many team members they have and that type of thing. So we've been building our own. What I would say is it's been super helpful with some of the seller coverage changes we've made.

Speaker 2

We're now building in some of our marketing processes. So it has a lot of tentacles in the business and we're excited about the ability for tools that have been built to be leveraged to improve our ability to serve customers.

Operator

Our next question is from Patrick Baumann with JPMorgan. Please proceed.

Speaker 10

Hi, good morning. Dee, maybe a quick follow-up on April. The $5,700,000 just wanted to make sure I understood that excludes divestitures and FX, right? And then, was so you said $10,000,000 impact from holiday timing in March. I guess that's like 1% of sales maybe, I don't know.

Speaker 10

Was there something like that also benefiting April in terms of timing?

Speaker 3

Well, you would expect it to flow into April to the extent that we could pick that up, yes. And the answer is yes to your first question, because I think you noted it excludes FX.

Speaker 10

Okay. Yes. So that's organic. Yes. Okay.

Speaker 10

Sorry, I missed that comment.

Speaker 3

Organic.

Speaker 10

Okay. Great. And then on my follow-up is on SG

Speaker 8

and A

Speaker 10

again. So if we get later in the year and the top line isn't picking up from where we started the year. What's like the ability or desire to kind of toggle that SG and A growth back? I know you mentioned that you're diligent on spending if it's non core, But what's your willingness to toggle back on some of the investment spending if growth doesn't pick up as the guidance expects?

Speaker 2

Yes, thanks. What I would say is that we are very focused on productivity improvements throughout the business. I think we are seeing productivity improve. The last few years have been a bit odd, to say the least, in terms of some of the challenges that everybody had to deal with and we have really sort of refocused our attention on getting better, getting more productive in every part of the operation. We're going to continue to do that.

Speaker 2

In terms of demand generation spending, I think you're asking specifically if it's worth spending in good times, it's probably worth spending in bad times too. So we wouldn't typically pull back those things. We think that we exist for the long term and we're trying to win over the cycle, not just in the down cycle. So we would expect to not have dramatic changes in what we spend, but we do expect to continue to our productivity.

Operator

We have reached the end of our question and answer session. I would like to turn the conference back over to D. G. For closing remarks.

Speaker 2

All right. Thanks for joining everybody. Really appreciate it. I would just highlight that in general, I would say everything in the quarter was as we expected and we feel very confident in the path we're on. There's not a lot of new news in this quarter, but we do feel good about the path.

Speaker 2

We do feel good about our ability to gain share to become more productive and to make sure we remain price cost neutral over the long term. So all things point to really good results for the year. So appreciate the time. Thank you.

Operator

Thank you. This will conclude our conference. You may disconnect your lines at this time and thank you for your participation.

Powered by Quartr
Earnings Conference Call
W.W. Grainger Q1 2024
00:00 / 00:00