WRAPUP 2-Grainger, Applied Industrial see weak '09 sales
* W.W. Grainger, Applied Industrial see weak '09 sales
* Grainger: taking actions in anticipation of weak sales
* Applied Industrial: prior forecast "unattainable"
* Companies' quarterly profit tops Street view (Adds analysts' comments, details)
By Bhaswati Mukhopadhyay
BANGALORE, Jan 26 (Reuters) - U.S. industrial distributors W.W. Grainger (GWW.N: Cotización) and Applied Industrial Technologies Inc (AIT.N: Cotización) forecast bleak sales for fiscal 2009 on a slowdown in industrial activity and a deepening credit crisis, even as they posted a better-than-expected quarterly profit.
Applied Industrial slashed its outlook for the year ending June 2009 for the second time in three months, saying its prior forecast was "unattainable." [ID:nWNAB3450]
"Though prices of steel, scrap and fuel have fallen, and in some cases dramatically, we have not seen any movement by our suppliers to reduce their prices to us," Applied Industrial said.
The distributor of bearings, power transmission components and industrial rubber products said consumer demand continues to decline, and there are inventory adjustments occurring throughout the supply chain. [ID:nBNG313865] Continuación...