UPDATE 3-Grainger says no demand pick-up yet; Q2 profit falls

miércoles 15 de julio de 2009 18:23 CEST

* Q2 EPS $1.21 vs year-ago $1.42

* Q2 revenue $1.53 billion, down 13 pct

* Says no indication of economic turnaround

* Shares rise as much as 3 pct (Adds outlook details from webcast, share movement)

July 15 (Reuters) - Industrial distributor W.W. Grainger (GWW.N: Cotización) posted an 18 percent drop in quarterly profit, hurt by weak demand across all end markets and geographies, and said it had not seen an indication of an economic turnaround.

"We have yet to see any sign of a pick-up in demand," Bill Chapman, director of investor relations, said in a recorded message.

He said sales trends experienced in the second quarter were continuing into July.

"The good news is that the steep decline that began in the 2008 fourth quarter has moderated for now and things have not gotten worse," Chapman added.

The company, whose lower quarterly profit beat analysts' expectations, said its results indicated that it was gaining market share during the recession and that it was selectively investing for growth.   Continuación...