Yahoo Finance W.W. Grainger, Inc. (NYSE:GWW) Q4 2023 Earnings Call Transcript
W.W. Grainger, Inc. (NYSE:GWW) Q4 2023 Earnings Call Transcript February 2, 2024
W.W. Grainger, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings. Welcome to the W.W. Grainger Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. I will now turn the conference over to Kyle Bland, Vice President of Investor Relations. Thank you. You may begin.
Kyle Bland: Good morning. Welcome to Grainger's Fourth Quarter and Full Year 2023 Earnings Call. With me are D. G. Macpherson, Chairman and CEO; and D. 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 periodic reports filed with the SEC. This morning's call will focus on our adjusted earnings for the fourth quarter and full year 2023, which excludes the loss on the divestiture of our E&R Industrial sales subsidiary. We have also included a daily organic constant currency growth metric to normalize for the impact on revenue.
Definitions and full reconciliations of these 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 followed Japanese GAAP, which differs from U.S. GAAP, and as reported in our results one month in arrears. As a result, the numbers disclosed will differ from Monotaro's public statements. Now I'll turn it over to D.G.
Donald Macpherson: Thanks, Kyle. Good morning, and thanks for joining the call. In 2023, the Grainger team continued to drive our strategy forward. by remaining focused on what matters most, providing our customers with a great experience and exceptional service. The customers we serve play a vital role in keeping their businesses and institutions running and everything we do is focused on making their jobs easier. We made meaningful progress this year in building new capabilities in both segments to help our customers and team members support the work they do. We've done this by investing in technology, our supply chain network and our High-Touch growth engines to ensure we can provide the best experience as possible. As a result of this focus, we delivered record sales and earnings for the year.
I'm incredibly proud of the progress we've made and want to take a few minutes to highlight some of this progress in more detail. The Grainger High-Touch solutions model has undergone a digital transformation over the past several years with strategic investments in our infrastructure, talent and the development of custom capabilities to support our customers. We have built key technology infrastructure capabilities focused on 2 main domains that affect customer experience: one, knowing our products better than anyone else and 2 knowing our customers better than anyone else. These endeavors include the development of homegrown software assets around product information management, or PIM and Customer Information Management or CIM, which allow us to store, codify and scale our data assets.
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