W.W. Grainger, Inc. (NYSE:GWW) Q1 2024 Earnings Conference Call April 25, 2024 11:00 AM ET

Company Participants

Kyle Bland - Vice President, Investor Relations
Donald Macpherson - Chairman and Chief Executive Officer
Deidra Merriwether - Senior Vice President and Chief Financial Officer

Conference Call Participants

Quinn Fredrickson - Baird
Nigel Coe - Wolfe Research
Tommy Moll - Stephens Inc.
Jacob Levinson - Melius Research
Christopher Glynn - Oppenheimer
Deane Dray - RBC Capital Markets
Chris Dankert - Loop Capital Markets
Patrick Baumann - JPMorgan

Operator

Greetings. Welcome to W.W. Grainger First Quarter 2024 Earnings Call. [Operator Instructions] 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.

Kyle Bland

Good morning. Welcome to Grainger’s first quarter 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 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-K and other periodic reports filed with the SEC.

This morning’s call will focus on results for the first quarter 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 E&R 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.

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 from MonotaRO’s public statements.

With that, I will turn it over to D.G.

Donald Macpherson

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 and staying focused on what matters most. I’ve seen this play out in several ways throughout the quarter.