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Graco Reports Record Third Quarter Sales and Earnings

Graco Inc. (NYSE: GGG) today announced results for the third quarter and nine months ended September 29, 2017.

Summary
$ in millions except per share amounts
Three Months Ended Nine Months Ended
Sep 29, Sep 23, % Sep 29, Sep 23, %
Net Sales 2017 2016 Change 2017 2016 Change
Operating Earnings $ 379.8 $ 327.2 16 % $ 1,099.9 $ 980.2 12 %
Net Earnings 99.6 81.5 22 % 284.2 220.8 29 %
Diluted Net Earnings per Common Share 75.5 54.4 39 % 216.0 144.9 49 %
Diluted Net Earnings per Common Share, adjusted (1) $ 1.30 $ 0.95 37 % $ 3.73 $ 2.55 46 %
$ 1.15 $ 0.95 21 % $ 3.28 $ 2.55 29 %

“For the third consecutive quarter Graco posted double-digit sales growth on an organic, constant currency basis, achieving new Company sales records for both the quarter and year to date. This also marks the third consecutive quarter where we have achieved growth in every region and reportable segment,” said Patrick J. McHale, Graco’s President and CEO. “Overall Company profitability trends remained solid in the third quarter, similar to the first half results, reflecting strong operating expense leverage on the double-digit sales increase.”

Components of net sales change by geographic region for the Contractor segment were as follows:

Three Months Ended Nine Months Ended
Volume
and Price
Acquisitions Currency Total Volume
and Price
Acquisitions Currency Total
Americas 12 % 0 % 0 % 12 % 12 % 0 % 0 % 12 %
EMEA 29 % 0 % 5 % 34 % 20 % 0 % (1 )% 19 %
Asia Pacific 30 % 0 % 1 % 31 % 13 % 0 % 0 % 13 %
Consolidated 16 % 0 % 1 % 17 % 13 % 0 % 0 % 13 %

Contractor segment sales increased in all channels. Operating margin rates for both the quarter and the year to date for the Contractor segment increased 3 percentage points compared to last year due to higher sales volume, improved gross margin rate and favorable expense leverage.

For complete report go to www.Graco.com

Contact Information

Graco

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