10-QPeriod: Q1 FY2001

W.W. GRAINGER, INC. Quarterly Report for Q1 Ended Mar 31, 2001

Filed May 14, 2001For Securities:GWW

Summary

W.W. Grainger, Inc. filed its quarterly report for the period ending March 30, 2001. The report details routine corporate governance matters, including the results of the annual shareholder meeting held on April 25, 2001. Key outcomes included the re-election of all management's director nominees and the approval of Grant Thornton, LLP as the independent auditors. Shareholders also approved the 2001 Long Term Stock Incentive Plan. The filing also provides the computation of earnings per share for the three months ended March 31, 2001, and March 31, 2000.

Key Highlights

  • 1The annual shareholder meeting on April 25, 2001, saw overwhelming support for management's director nominees, with shares voted for election generally exceeding 81 million out of approximately 81.3 million shares present.
  • 2Grant Thornton, LLP was ratified as the independent auditor for the year ending December 31, 2001, with a strong majority of shareholder votes in favor.
  • 3The 2001 Long Term Stock Incentive Plan was approved by shareholders, though a notable portion of shares voted against it or abstained, indicating some shareholder dissent or concerns.
  • 4For the three months ended March 31, 2001, basic earnings per share (EPS) were $0.45, a slight increase from $0.44 in the same period of 2000.
  • 5Net earnings for the first quarter of 2001 were $42,175,000, up from $41,211,000 in the first quarter of 2000.
  • 6The weighted average number of shares outstanding remained relatively stable, increasing slightly from 92,917,780 in Q1 2000 to 93,026,308 in Q1 2001 for basic EPS calculation.

Frequently Asked Questions

The shareholder meeting resulted in the re-election of all management's director nominees with significant shareholder support. Additionally, shareholders ratified Grant Thornton, LLP as the independent auditors for 2001 and approved the 2001 Long Term Stock Incentive Plan.

For the three months ended March 31, 2001, basic earnings per share were $0.45, representing a modest increase from $0.44 reported for the same period in 2000. Diluted earnings per share also stood at $0.45 for Q1 2001.

While most proposals received overwhelming support, the vote on the 2001 Long Term Stock Incentive Plan showed a significant number of shares voted against it or abstained. This could suggest some shareholder reservations or questions regarding the plan's terms or structure.

The company reported net earnings of $42,175,000 for the three months ended March 31, 2001. This is an increase compared to the $41,211,000 reported for the corresponding period in 2000.