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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PART I     Item 1.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited) (In thousands except per share amounts)
 
Three Months Ended
 
March 31,
2017
 
March 25,
2016
Net Sales
$
340,590

 
$
304,912

Cost of products sold
155,317

 
143,116

Gross Profit
185,273

 
161,796

Product development
14,499

 
14,686

Selling, marketing and distribution
54,911

 
52,701

General and administrative
30,042

 
33,460

Operating Earnings
85,821

 
60,949

Interest expense
4,055

 
4,493

Other expense (income), net
191

 
(1,146
)
Earnings Before Income Taxes
81,575

 
57,602

Income taxes
20,843

 
18,050

Net Earnings
$
60,732

 
$
39,552

Per Common Share
 
 
 
Basic net earnings
$
1.09

 
$
0.71

Diluted net earnings
$
1.05

 
$
0.70

Cash dividends declared
$
0.36

 
$
0.33

See notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
 
Three Months Ended
 
March 31,
2017
 
March 25,
2016
Net Earnings
$
60,732

 
$
39,552

Components of other comprehensive income (loss)
 
 
 
Cumulative translation adjustment
6,318

 
(2,402
)
Pension and postretirement medical liability adjustment
2,000

 
1,473

Income taxes - pension and postretirement medical liability adjustment
(766
)
 
(569
)
Other comprehensive income (loss)
7,552

 
(1,498
)
Comprehensive Income
$
68,284

 
$
38,054

See notes to consolidated financial statements.

3

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