Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 10/25/2017
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Three Months Ended
 
Nine Months Ended
 
Sep 29,
2017
 
Sep 23,
2016
 
Sep 29,
2017
 
Sep 23,
2016
Income taxes, as reported
$
20.9

 
$
22.2

 
$
57.6

 
$
62.7

Excess tax benefit from option exercises
3.2

 

 
20.5

 

Tax planning benefit
5.5

 

 
5.5

 

Income taxes, adjusted
$
29.6

 
$
22.2

 
$
83.6

 
$
62.7

 
 
 
 
 
 
 
 
Effective income tax rate
 
 
 
 
 
 
 
   As reported
22
%
 
29
%
 
21
%
 
30
%
   Adjusted
31
%
 
29
%
 
31
%
 
30
%
 
 
 
 
 
 
 
 
Net Earnings, as reported
$
75.5

 
$
54.4

 
$
216.0

 
$
144.9

Excess tax benefit from option exercises
(3.2
)
 

 
(20.5
)
 

Tax planning benefit
(5.5
)
 

 
(5.5
)
 

Net Earnings, adjusted
$
66.8

 
$
54.4

 
$
190.0

 
$
144.9

 
 
 
 
 
 
 
 
Weighted Average Diluted Shares
58.2

 
57.0

 
57.9

 
56.9

Diluted Earnings per Share
 
 
 
 
 
 
 
   As reported
$
1.30

 
$
0.95

 
$
3.73

 
$
2.55

   Adjusted
$
1.15

 
$
0.95

 
$
3.28

 
$
2.55


The following table presents an overview of components of net earnings as a percentage of net sales:
 
Three Months Ended   
 
Nine Months Ended
 
September 29,
2017
 
September 23,
2016
 
September 29,
2017
 
September 23,
2016
Net Sales
100.0
 %
 
100.0
%
 
100.0
 %
 
100.0
 %
Cost of products sold
46.4

 
46.0

 
46.1

 
46.6

Gross Profit
53.6

 
54.0

 
53.9

 
53.4

Product development
3.9

 
4.5

 
4.0

 
4.6

Selling, marketing and distribution
15.3

 
15.1

 
15.4

 
16.1

General and administrative
8.2

 
9.5

 
8.7

 
10.2

Operating Earnings
26.2

 
24.9

 
25.8

 
22.5

Interest expense
1.0

 
1.4

 
1.1

 
1.3

Other expense (income), net
(0.2
)
 
0.1

 
(0.1
)
 

Earnings Before Income Taxes
25.4

 
23.4

 
24.8

 
21.2

Income taxes
5.5

 
6.8

 
5.2

 
6.4

Net Earnings
19.9
 %
 
16.6
%
 
19.6
 %
 
14.8
 %



15

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