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July 18, 2012, 8:00 a.m. ET
Laura D. Brown – Senior Vice President, Communications
William D. Chapman – Senior Director, IR
[No Q&A Session for this event].
Hello. This is Laura Brown, Senior Vice President of Communications and Investor Relations.
With me today is Bill Chapman, Senior Director of Investor Relations. We are pleased to share with you some information regarding Grainger’s second quarter 2012 results via this audio web cast. Please also reference our 2012 second quarter earnings release issued today, July 18th, in addition to other information available on our Investor Relations website, to supplement this web cast.
Before we begin, please remember that certain statements and projections of future results made in the press release and in this webcast constitute forward-looking information. These statements are based on current market conditions and competitive and regulatory expectations and involve risk and uncertainty. Please see our Form 10-K for a discussion of factors that relate to forward-looking statements.
Healthy sales growth, consistent execution, and impressive margin expansion was the storyline for the quarter. This performance was largely driven by continued enhancements to the foundation of our business and aggressive investment in our growth programs
As a result, we reiterated our 2012 sales growth guidance of 12 to 14% and raised the bottom end of our earnings per-share guidance as referenced in today’s earnings release. We will now expect EPS of $10.50 to $10.80 for the full year 2012. At the end of this recording we’ll talk more about our guidance and related assumptions.