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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Page 6 GRACO


GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands except per share amounts)
 
Three Months Ended
 
Nine Months Ended
 
Sep 29,
2017
 
Sep 23,
2016
 
Sep 29,
2017
 
Sep 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

Net Earnings per Common Share
 
 
 
 
 
 
 
Basic
$
1.35

 
$
0.98

 
$
3.87

 
$
2.61

Diluted
$
1.30

 
$
0.95

 
$
3.73

 
$
2.55

Weighted Average Number of Shares
 
 
 
 
 
 
 
Basic
56,023

 
55,684

 
55,864

 
55,571

Diluted
58,204

 
56,969

 
57,948

 
56,906


SEGMENT INFORMATION (Unaudited)
(In thousands)
 
Three Months Ended
 
Nine Months Ended
 
Sep 29,
2017
 
Sep 23,
2016
 
Sep 29,
2017
 
Sep 23,
2016
Net Sales
 
 
 
 
 
 
 
 Industrial
$
178,461

 
$
150,893

 
$
509,719

 
$
454,978

 Process
73,656

 
67,077

 
217,084

 
196,068

 Contractor
127,695

 
109,222

 
373,082

 
329,184

 Total
$
379,812

 
$
327,192

 
$
1,099,885

 
$
980,230

Operating Earnings
 
 
 
 
 
 
 
 Industrial
$
61,790

 
$
50,573

 
$
177,121

 
$
147,419

 Process
12,088

 
10,394

 
38,969

 
25,305

 Contractor
33,471

 
25,593

 
93,249

 
71,700

 Unallocated corporate (expense)
(7,712
)
 
(5,096
)
 
(25,112
)
 
(23,669
)
 Total
$
99,637

 
$
81,464

 
$
284,227

 
$
220,755


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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