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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PART I     Item 1.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited) (In thousands except per share amounts)
 
Three Months Ended
 
Nine Months Ended
 
September 29,
2017
 
September 23,
2016
 
September 29,
2017
 
September 23,
2016
Net Sales
$
379,812

 
$
327,192

 
$
1,099,885

 
$
980,230

Cost of products sold
176,347

 
150,594

 
507,206

 
456,695

Gross Profit
203,465

 
176,598

 
592,679

 
523,535

Product development
14,815

 
14,671

 
44,215

 
44,964

Selling, marketing and distribution
57,941

 
49,269

 
168,912

 
158,106

General and administrative
31,072

 
31,194

 
95,325

 
99,710

Operating Earnings
99,637

 
81,464

 
284,227

 
220,755

Interest expense
3,901

 
4,432

 
12,110

 
13,468

Other expense (income), net
(656
)
 
416

 
(1,454
)
 
(338
)
Earnings Before Income Taxes
96,392

 
76,616

 
273,571

 
207,625

Income taxes
20,932

 
22,228

 
57,551

 
62,738

Net Earnings
$
75,460

 
$
54,388

 
$
216,020

 
$
144,887

Per Common Share
 
 
 
 
 
 
 
Basic net earnings
$
1.35

 
$
0.98

 
$
3.87

 
$
2.61

Diluted net earnings
$
1.30

 
$
0.95

 
$
3.73

 
$
2.55

Cash dividends declared
$
0.36

 
$
0.33

 
$
1.08

 
$
0.99

See notes to consolidated financial statements.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 29,
2017
 
September 23,
2016
 
September 29,
2017
 
September 23,
2016
Net Earnings
$
75,460

 
$
54,388

 
$
216,020

 
$
144,887

Components of other comprehensive
income (loss)
 
 
 
 
 
 
 
Cumulative translation adjustment
574

 
(6,642
)
 
17,921

 
(16,679
)
Pension and postretirement medical
liability adjustment
2,250

 
1,707

 
6,034

 
4,957

Income taxes - pension and postretirement
medical liability adjustment
(797
)
 
(619
)
 
(2,280
)
 
(1,823
)
Other comprehensive income (loss)
2,027

 
(5,554
)
 
21,675

 
(13,545
)
Comprehensive Income
$
77,487

 
$
48,834

 
$
237,695

 
$
131,342

See notes to consolidated financial statements.

3

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