W.W. Grainger, Inc (GWW) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the W.W. Grainger Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to our host, Kyle Bland, Vice President of Investor Relations. Thank you. You may begin.

Kyle Bland

Good morning. Welcome to Grainger’s second quarter 2023 earnings call. With me are D.G. Macpherson, Chairman and CEO and Dee Merriwether, Senior Vice President and CFO.

As a reminder, some of our comments today may include forward-looking statements. Actual results may differ materially as a result of the various risks and uncertainties, including those detailed in our SEC filings. Reconciliations of any non-GAAP financial measures with their corresponding GAAP measures are found in the tables at the end of this presentation and in our Q2 earnings release, both of which are available on our IR website.

This morning’s call will focus on our second quarter 2023 results, which are consistent on both a reported and adjusted basis for all periods presented. We will also share results related to MonotaRO. Please remember that MonotaRO was 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 somewhat from MonotaRO’s public statements.

Now, I will turn it over to D.G.

D.G. Macpherson

Thanks, Kyle. Good morning and thank you for joining us. Today, I’ll provide an overview of our second quarter performance and then pass it to Dee to walk through the financials in detail.

As we work our way through 2023, Grainger continues to stay focused on what matters most: providing our customers with the products and services they need through exceptional service. Everything we do is grounded in our Grainger Edge framework, which I’d like to highlight today in the context of our recently released ESG report. I would encourage you all to check out the full report at graingeresg.com. Grainger has long been a leader in ESG, both for our customers and in our own operations. Internally, we have laid out four near-term ESG focus areas that are important parts of both our culture and operations. Early indications show that we are making meaningful progress.