Graco Inc.

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


Exhibit 99.1
 
 
GRACO INC.
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P.O. Box 1441
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Minneapolis, MN
55440-1441
NYSE: GGG
FOR IMMEDIATE RELEASE:
FOR FURTHER INFORMATION:
Wednesday, April 26, 2017
Financial Contact: Christian Rothe, 612-623-6205
Media Contact: Charlotte Boyd, 612-623-6153
Charlotte_M_Boyd@graco.com

Graco Reports Record First Quarter Sales and Operating Earnings
Strong Sales Growth in All Segments and Regions
Raises Full-Year Outlook


MINNEAPOLIS (April 26, 2017) - Graco Inc. (NYSE: GGG) today announced results for the first quarter ended March 31, 2017.

Summary
$ in millions except per share amounts
 
Three Months Ended
 
Mar 31,
2017
 
Mar 25,
2016
 
%
Change
Net Sales
$
340.6

 
$
304.9

 
12
%
Operating Earnings
85.8

 
60.9

 
41
%
Net Earnings
60.7

 
39.6

 
54
%
Diluted Net Earnings per Common Share
$
1.05

 
$
0.70

 
50
%
Sales increased 12 percent, led by double-digit growth in the Contractor segment.
Gross profit margin rate was more than 1 percentage point higher than the first quarter last year due to realized pricing and higher production volume.
Operating expenses were slightly lower than the first quarter last year.
The increase in diluted earnings per share includes $0.05 from a required change in accounting for stock compensation, and $0.01 from reduced intangible amortization expense resulting from the impairment charge recorded in the fourth quarter of 2016.
The Company executed an accelerated share repurchase plan that reduced outstanding shares by 850,000 as of February 21, 2017.

"I am pleased with Graco's performance in the first quarter, where we achieved organic, constant currency growth in every region and reportable segment, as well as growth within every segment in every region," said Patrick J. McHale, Graco's President and CEO. "Profitability was strong in the first quarter, reflecting improved sales volumes, increased gross margin performance and solid operating expense leverage. I would like to thank our employees, end users and channel partners around the world for their efforts to get the year off to a good start."


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