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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Page 6 GRACO


GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands except per share amounts)
 
Three Months Ended
 
Six Months Ended
 
Jun 30,
2017
 
Jun 24,
2016
 
Jun 30,
2017
 
Jun 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

Net Earnings per Common Share
 
 
 
 
 
 
 
Basic
$
1.43

 
$
0.92

 
$
2.52

 
$
1.63

Diluted
$
1.38

 
$
0.89

 
$
2.43

 
$
1.59

Weighted Average Number of Shares
 
 
 
 
 
 
 
Basic
55,801

 
55,634

 
55,785

 
55,514

Diluted
57,927

 
57,040

 
57,820

 
56,875


SEGMENT INFORMATION (Unaudited)
(In thousands)
 
Three Months Ended
 
Six Months Ended
 
Jun 30,
2017
 
Jun 24,
2016
 
Jun 30,
2017
 
Jun 24,
2016
Net Sales
 
 
 
 
 
 
 
 Industrial
$
174,868

 
$
156,997

 
$
331,258

 
$
304,085

 Process
73,399

 
64,706

 
143,428

 
128,991

 Contractor
131,216

 
126,423

 
245,387

 
219,962

 Total
$
379,483

 
$
348,126

 
$
720,073

 
$
653,038

Operating Earnings
 
 
 
 
 
 
 
 Industrial
$
61,596

 
$
51,052

 
$
115,331

 
$
96,846

 Process
13,418

 
7,634

 
26,881

 
14,911

 Contractor
33,759

 
29,364

 
59,778

 
46,107

 Unallocated corporate (expense)
(10,004
)
 
(9,708
)
 
(17,400
)
 
(18,573
)
 Total
$
98,769

 
$
78,342

 
$
184,590

 
$
139,291


The Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Management's Discussion and Analysis are available in our Quarterly Report on Form 10-Q on our website at www.graco.com.

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