Graco Inc.

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10-Q
GRACO INC filed this Form 10-Q on 07/26/2017
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Exhibit


Exhibit 99.1
 
 
GRACO INC.
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=11711797&doc=14
 
 
 
P.O. Box 1441
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Minneapolis, MN
55440-1441
NYSE: GGG
FOR IMMEDIATE RELEASE:
FOR FURTHER INFORMATION:
Wednesday, July 26, 2017
Financial Contact: Christian Rothe, 612-623-6205
Media Contact: Charlotte Boyd, 612-623-6153
Charlotte_M_Boyd@graco.com

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


MINNEAPOLIS (July 26, 2017) - Graco Inc. (NYSE: GGG) today announced results for the second quarter and six months ended June 30, 2017.

Summary
$ in millions except per share amounts
 
Three Months Ended
 
Six Months Ended
 
Jun 30,
2017
 
Jun 24,
2016
 
%
Change
 
Jun 30,
2017
 
Jun 24,
2016
 
%
Change
Net Sales
$
379.5

 
$
348.1

 
9
%
 
$
720.1

 
$
653.0

 
10
%
Operating Earnings
98.8

 
78.3

 
26
%
 
184.6

 
139.3

 
33
%
Net Earnings
79.8

 
50.9

 
57
%
 
140.6

 
90.5

 
55
%
Diluted Net Earnings
per Common Share
$
1.38

 
$
0.89

 
55
%
 
$
2.43

 
$
1.59

 
53
%
Sales for the quarter and year to date increased in all segments and regions.
Gross profit margin rates for the quarter and year to date increased due to higher production volume and realized pricing.
Solid sales growth combined with improved gross margins and lower operating expenses levered operating earnings to increases of 26 percent and 33 percent for the quarter and year to date, respectively.
Diluted earnings per share include $0.23 for the quarter and $0.28 for the year to date from a required change in accounting for stock compensation.
Increases in diluted earnings per share include $0.01 for the quarter and $0.02 for the year to date from reduced amortization expense resulting from the impairment charge recorded in the fourth quarter of 2016.

"I am pleased with Graco's second quarter performance, where we achieved our second consecutive quarter of record sales on double-digit growth on an organic, constant currency basis. This is also the second consecutive quarter where we have achieved 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 remained strong in the second quarter, reflecting similar trends from the first quarter of improved sales volumes, increased gross margin performance and solid operating expense leverage. Our employees, end users and channel partners around the world were instrumental to our performance through the first half and I thank them all for their hard work."

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