W.W. Grainger, Inc. (GWW) Q1 2023 Earnings Call Transcript

W.W. Grainger, Inc. (NYSE:GWW) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET

Company Participants

Kyle Bland - Vice President, Investor Relations

D.G. Macpherson - Chairman & Chief Executive Officer

Dee Merriwether - Senior Vice President & Chief Financial Officer

Conference Call Participants

Chris Snyder - UBS

Tommy Moll - Stephens

Ryan Merkel - William Blair

Jacob Levinson - Melius Research

David Manthey - Baird

Steve Volkmann - Jefferies

Pat Baumann - JPMorgan

Katie Fleischer - KeyBanc Capital Markets

Operator

Hello, and welcome to the W.W. Grainger First Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Kyle Bland, Vice President, Investor Relations. Please go ahead, Kyle.

Kyle Bland

Good morning. Welcome to Grainger's First 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 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 Q1 earnings release, both of which are available on our IR website.

This morning's call will focus on our first 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 filed Japanese gap which differs from US GAAP and is reported in our results one month in arrears. As a result, the numbers disclosed will differ somewhat from MonotaRO's public statements.

Now I'll 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 first quarter performance and then pass it to Deidra to walk through the financials in detail.

Grainger started 2023 focused on what matters most. Providing our customers with the products and services they need through exceptional service. We remain closely embedded with our customers, finding ways to help them manage their inventory, reduce costs, achieve their ESG objectives and successfully run their operations. Two weeks ago, I had the opportunity to visit with several customers in the manufacturing space in one of my favorite Midwest cities.