Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 04/26/2017
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Net Sales

The following table presents net sales by geographic region (in millions):
 
Three Months Ended   
 
March 31,
2017
 
March 25,
2016
Americas(1)
$
200.0

 
$
173.4

EMEA(2)
79.1

 
75.7

Asia Pacific
61.5

 
55.8

Consolidated
$
340.6

 
$
304.9

(1)
North, South and Central America, including the United States
(2)
Europe, Middle East and Africa

The following table presents the components of net sales change by geographic region:
 
Three Months Ended   
 
Volume and Price
 
Acquisitions
 
Currency
 
Total
Americas
15%
 
0%
 
0%
 
15%
EMEA
9%
 
0%
 
(5)%
 
4%
Asia Pacific
11%
 
1%
 
(2)%
 
10%
Consolidated
13%
 
0%
 
(1)%
 
12%

Gross Profit

Gross profit margin rate increased by more than 1 percentage point compared to the first quarter of last year. Favorable effects from realized pricing and higher production volume were partially offset by unfavorable impacts of product mix.

Operating Expenses

Total operating expenses were slightly lower than the first quarter last year. Reductions from the impact of currency translation, decreased amortization expense and lower unallocated corporate expenses (mostly stock compensation and central warehouse) more than offset volume and rate related increases.

Income Taxes

The effective income tax rate for the quarter was 26 percent, down from 31 percent last year. Adoption of a new accounting standard, requiring excess tax benefits related to stock option exercises to be credited to the income tax provision (formerly credited to equity), reduced the effective tax rate by 4 percentage points. The tax rate benefit from foreign earnings taxed at lower rates than the U.S. rate was also higher compared to the first quarter last year.


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