Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 07/26/2017
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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
 
Six Months Ended
 
June 30,
2017
 
June 24,
2016
 
June 30,
2017
 
June 24,
2016
Net Sales
$
379,483

 
$
348,126

 
$
720,073

 
$
653,038

Cost of products sold
175,542

 
162,985

 
330,859

 
306,101

Gross Profit
203,941

 
185,141

 
389,214

 
346,937

Product development
14,901

 
15,607

 
29,400

 
30,293

Selling, marketing and distribution
56,060

 
56,136

 
110,971

 
108,837

General and administrative
34,211

 
35,056

 
64,253

 
68,516

Operating Earnings
98,769

 
78,342

 
184,590

 
139,291

Interest expense
4,154

 
4,543

 
8,209

 
9,036

Other expense (income), net
(989
)
 
392

 
(798
)
 
(754
)
Earnings Before Income Taxes
95,604

 
73,407

 
177,179

 
131,009

Income taxes
15,776

 
22,460

 
36,619

 
40,510

Net Earnings
$
79,828

 
$
50,947

 
$
140,560

 
$
90,499

Per Common Share
 
 
 
 
 
 
 
Basic net earnings
$
1.43

 
$
0.92

 
$
2.52

 
$
1.63

Diluted net earnings
$
1.38

 
$
0.89

 
$
2.43

 
$
1.59

Cash dividends declared
$
0.36

 
$
0.33

 
$
0.72

 
$
0.66

See notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
2017
 
June 24,
2016
 
June 30,
2017
 
June 24,
2016
Net Earnings
$
79,828

 
$
50,947

 
$
140,560

 
$
90,499

Components of other comprehensive
income (loss)
 
 
 
 
 
 
 
Cumulative translation adjustment
11,029

 
(7,635
)
 
17,347

 
(10,037
)
Pension and postretirement medical
liability adjustment
1,784

 
1,777

 
3,784

 
3,250

Income taxes - pension and postretirement
medical liability adjustment
(717
)
 
(635
)
 
(1,483
)
 
(1,204
)
Other comprehensive income (loss)
12,096

 
(6,493
)
 
19,648

 
(7,991
)
Comprehensive Income
$
91,924

 
$
44,454

 
$
160,208

 
$
82,508

See notes to consolidated financial statements.

3

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