A digest of observations from electrical companies' earnings reports

W.W. Grainger Inc., Chicago, said its fourth-quarter earnings rose 28 percent boosted by lower interest expense. Net income increased to $61.5 million, or 65 cents a share, from $47.9 million, or 51 cents, a year ago. Sales fell to $1.11 billion from $1.21 billion in the same quarter a year ago. Sales for the full year 2001 decreased 4 percent to $4.8 billion versus $5.0 billion in 2000. Net earnings for the year were $174.5 million, or $1.84 per share. The full year results include nonrecurring, after-tax charges of $36.6 million or $0.39 per share. “Although the recession in North America caused a decline in sales, we benefited from the actions taken throughout 2001 to create a more focused and cost effective organization,” said Grainger's chairman and chief executive officer, Richard L. Keyser. “Cash flow was particularly strong in 2001, allowing us to continue investing in the business and buy back 1.8 million shares of stock.” He added, “The soft economy and mild weather have continued in January, but we remain committed to delivering what we projected in November, including earnings per share of $2.30 to $2.65 for 2002.”

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