Earnings Estimates
Available Measures
Reference Information - Earnings Per Share
| Last Actual (FY0): | 3.04 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | 1.02 |
| Hist (5 Yr) Growth %: | 8.36 |
| Yield (%): | 1.14 |
Analyst Forecasts - Earnings Per Share
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 3.66 | 3.87 | 3.51 | 3.64 | 4 | -- | -- | -- |
| Annual | Dec 25 | 3.37 | 3.61 | 3.28 | 3.35 | 11 | -- | 2 | -0.04 |
| Annual | Dec 24 | 3.16 | 3.35 | 3.06 | 3.15 | 11 | -- | 1 | 0.01 |
| Quarterly | Mar 24 | 0.74 | 0.79 | 0.71 | 0.74 | 9 | -- | -- | -- |
| Quarterly | Jun 24 | 0.78 | 0.79 | 0.77 | 0.78 | 9 | -- | -- | -- |
| Quarterly | Sep 24 | 0.79 | 0.82 | 0.76 | 0.79 | 9 | -- | 2 | -0.11 |
| Quarterly | Dec 24 | 0.83 | 0.85 | 0.80 | 0.83 | 9 | 1 | 1 | 0.15 |
Actuals - Earnings Per Share
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 3.04 | 3.05 | -0.42 |
| Annual | Dec 22 | 2.63 | 2.60 | 1.18 |
| Annual | Dec 21 | 2.44 | 2.41 | 1.45 |
| Quarterly | Dec 23 | 0.80 | 0.79 | 1.04 |
| Quarterly | Sep 23 | 0.76 | 0.73 | 3.51 |
| Quarterly | Jun 23 | 0.75 | 0.80 | -5.82 |
| Quarterly | Mar 23 | 0.74 | 0.62 | 18.90 |
Reference Information - Book Value Per Share
| Last Actual (FY0): | 13.18 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Book Value Per Share
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 19.60 | 19.60 | 19.60 | 19.60 | 1 | -- | -- | -- |
| Annual | Dec 25 | 16.30 | 17.20 | 14.70 | 17.01 | 3 | -- | -- | -- |
| Annual | Dec 24 | 14.49 | 15.00 | 13.60 | 14.87 | 3 | -- | -- | -- |
| Quarterly | Mar 24 | 13.42 | 13.42 | 13.42 | 13.42 | 1 | -- | -- | -- |
| Quarterly | Jun 24 | 13.89 | 13.89 | 13.89 | 13.89 | 1 | -- | -- | -- |
| Quarterly | Sep 24 | 14.37 | 14.37 | 14.37 | 14.37 | 1 | -- | -- | -- |
| Quarterly | Dec 24 | 14.87 | 14.87 | 14.87 | 14.87 | 1 | -- | -- | -- |
Actuals - Book Value Per Share
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 13.18 | 13.24 | -0.47 |
| Annual | Dec 22 | 11.03 | 10.70 | 3.16 |
| Annual | Dec 21 | 10.06 | 9.56 | 5.24 |
| Quarterly | Dec 23 | 13.18 | 13.15 | 0.21 |
| Quarterly | Sep 23 | 12.97 | 12.79 | 1.38 |
| Quarterly | Jun 23 | 12.52 | 12.05 | 3.93 |
| Quarterly | Mar 23 | 11.80 | 11.24 | 4.98 |
Reference Information - Cash Flow Per Share
| Last Actual (FY0): | 3.78 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Cash Flow Per Share
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 4.49 | 4.49 | 4.49 | 4.49 | 1 | -- | -- | -- |
| Annual | Dec 25 | 3.32 | 4.20 | 2.44 | 3.32 | 2 | -- | -- | -- |
| Annual | Dec 24 | 3.03 | 3.91 | 2.15 | 3.03 | 2 | -- | -- | -- |
| Quarterly | Mar 24 | 0.18 | 0.18 | 0.18 | 0.18 | 1 | -- | -- | -- |
| Quarterly | Jun 24 | 0.80 | 0.80 | 0.80 | 0.80 | 1 | -- | -- | -- |
| Quarterly | Sep 24 | 0.66 | 0.66 | 0.66 | 0.66 | 1 | -- | -- | -- |
| Quarterly | Dec 24 | 0.51 | 0.51 | 0.51 | 0.51 | 1 | -- | -- | -- |
Actuals - Cash Flow Per Share
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 3.78 | 2.71 | 39.78 |
| Annual | Dec 22 | 2.18 | -0.44 | 595.45 |
| Annual | Dec 21 | 2.62 | 1.53 | 71.24 |
| Quarterly | Dec 23 | 0.93 | 0.58 | 60.17 |
| Quarterly | Sep 23 | 1.21 | 0.55 | 119.82 |
| Quarterly | Jun 23 | 1.11 | 0.46 | 141.30 |
| Quarterly | Mar 23 | 0.53 | 0.18 | 194.44 |
Reference Information - Dividend Per Share
| Last Actual (FY0): | 0.96 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Dividend Per Share
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 1.13 | 1.24 | 0.98 | 1.18 | 3 | -- | -- | -- |
| Annual | Dec 25 | 1.05 | 1.12 | 0.93 | 1.04 | 7 | -- | -- | -- |
| Annual | Dec 24 | 1.00 | 1.04 | 0.89 | 1.02 | 7 | -- | -- | -- |
| Quarterly | Mar 24 | 0.26 | 0.26 | 0.26 | 0.26 | 3 | -- | -- | -- |
| Quarterly | Jun 24 | 0.26 | 0.26 | 0.26 | 0.26 | 3 | -- | -- | -- |
| Quarterly | Sep 24 | 0.26 | 0.26 | 0.26 | 0.26 | 3 | -- | -- | -- |
| Quarterly | Dec 24 | 0.26 | 0.26 | 0.26 | 0.26 | 3 | -- | -- | -- |
Actuals - Dividend Per Share
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 0.96 | 0.93 | 3.78 |
| Annual | Dec 22 | 0.84 | 0.83 | 0.86 |
| Annual | Dec 21 | 0.75 | 0.75 | 0.27 |
| Quarterly | Dec 23 | 0.25 | 0.24 | 4.17 |
| Quarterly | Sep 23 | 0.23 | 0.23 | -- |
| Quarterly | Jun 23 | 0.23 | 0.24 | -4.17 |
Reference Information - EBIT
| Last Actual (FY0): | 646.00 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - EBIT
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 771.21 | 795.00 | 753.83 | 768.00 | 4 | -- | 1 | -0.03 |
| Annual | Dec 25 | 715.52 | 728.00 | 700.60 | 717.00 | 11 | -- | 1 | -0.01 |
| Annual | Dec 24 | 671.58 | 677.70 | 650.48 | 674.50 | 10 | -- | 1 | -0.01 |
| Quarterly | Mar 24 | 159.18 | 167.70 | 151.03 | 158.30 | 9 | -- | -- | -- |
| Quarterly | Jun 24 | 166.52 | 170.00 | 163.10 | 167.00 | 9 | -- | -- | -- |
| Quarterly | Sep 24 | 169.17 | 175.70 | 161.25 | 169.70 | 9 | -- | -- | -- |
| Quarterly | Dec 24 | 176.17 | 180.50 | 170.86 | 176.00 | 9 | -- | -- | -- |
Actuals - EBIT
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 646.00 | 645.91 | 0.01 |
| Annual | Dec 22 | 572.70 | 568.68 | 0.71 |
| Annual | Dec 21 | 531.32 | 525.52 | 1.10 |
| Quarterly | Dec 23 | 169.90 | 170.43 | -0.31 |
| Quarterly | Sep 23 | 162.40 | 158.36 | 2.55 |
| Quarterly | Jun 23 | 157.05 | 169.99 | -7.61 |
| Quarterly | Mar 23 | 156.67 | 134.45 | 16.52 |
Reference Information - EBITDA
| Last Actual (FY0): | 720.32 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - EBITDA
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 857.97 | 887.00 | 834.40 | 860.00 | 5 | -- | 1 | -0.02 |
| Annual | Dec 25 | 800.30 | 816.30 | 780.97 | 801.51 | 11 | -- | 2 | -0.09 |
| Annual | Dec 24 | 753.16 | 764.90 | 737.28 | 755.00 | 11 | -- | 2 | -0.05 |
| Quarterly | Mar 24 | 178.71 | 189.70 | 171.77 | 177.90 | 6 | -- | 2 | -0.12 |
| Quarterly | Jun 24 | 186.80 | 190.40 | 183.30 | 186.70 | 6 | -- | 2 | -0.13 |
| Quarterly | Sep 24 | 190.31 | 195.20 | 183.26 | 191.50 | 6 | -- | 2 | -0.28 |
| Quarterly | Dec 24 | 197.10 | 200.60 | 193.53 | 197.40 | 6 | 1 | 1 | 0.04 |
Actuals - EBITDA
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 720.32 | 719.46 | 0.12 |
| Annual | Dec 22 | 638.70 | 635.23 | 0.55 |
| Annual | Dec 21 | 590.65 | 588.48 | 0.37 |
| Quarterly | Dec 23 | 190.04 | 188.34 | 0.90 |
| Quarterly | Sep 23 | 180.46 | 172.72 | 4.48 |
| Quarterly | Jun 23 | 175.18 | 189.66 | -7.63 |
| Quarterly | Mar 23 | 177.26 | 152.94 | 15.89 |
Reference Information - GAAP Earnings Per Share
| Last Actual (FY0): | 2.94 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - GAAP Earnings Per Share
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 3.70 | 3.72 | 3.67 | 3.70 | 2 | -- | -- | -- |
| Annual | Dec 25 | 3.35 | 3.45 | 3.28 | 3.34 | 6 | -- | -- | -- |
| Annual | Dec 24 | 3.14 | 3.19 | 3.06 | 3.15 | 6 | -- | -- | -- |
| Quarterly | Mar 24 | 0.74 | 0.76 | 0.71 | 0.74 | 4 | -- | -- | -- |
| Quarterly | Jun 24 | 0.78 | 0.79 | 0.77 | 0.78 | 4 | -- | -- | -- |
| Quarterly | Sep 24 | 0.79 | 0.82 | 0.76 | 0.80 | 4 | -- | -- | -- |
| Quarterly | Dec 24 | 0.83 | 0.85 | 0.80 | 0.83 | 4 | -- | -- | -- |
Actuals - GAAP Earnings Per Share
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 2.94 | 3.07 | -4.29 |
| Annual | Dec 22 | 2.66 | 2.62 | 1.40 |
| Annual | Dec 21 | 2.52 | 2.47 | 2.04 |
| Quarterly | Dec 23 | 0.64 | 0.78 | -17.94 |
| Quarterly | Sep 23 | 0.77 | 0.73 | 5.84 |
| Quarterly | Jun 23 | 0.78 | 0.78 | 0.26 |
| Quarterly | Mar 23 | 0.75 | 0.61 | 23.97 |
Reference Information - Net Asset Value
| Last Actual (FY0): | 2,224.23 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Net Asset Value
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 3,228.50 | 3,323.00 | 3,134.00 | 3,228.50 | 2 | -- | -- | -- |
| Annual | Dec 25 | 2,859.38 | 3,005.00 | 2,456.00 | 2,925.89 | 7 | -- | -- | -- |
| Annual | Dec 24 | 2,529.13 | 2,603.00 | 2,301.00 | 2,561.00 | 7 | -- | -- | -- |
| Quarterly | Mar 24 | 2,274.63 | 2,308.00 | 2,210.00 | 2,305.90 | 3 | -- | -- | -- |
| Quarterly | Jun 24 | 2,342.50 | 2,399.00 | 2,243.00 | 2,385.50 | 3 | -- | -- | -- |
| Quarterly | Sep 24 | 2,418.23 | 2,490.00 | 2,296.00 | 2,468.70 | 3 | -- | -- | -- |
| Quarterly | Dec 24 | 2,479.80 | 2,584.00 | 2,301.00 | 2,554.40 | 3 | -- | -- | -- |
Actuals - Net Asset Value
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 2,224.23 | 2,213.18 | 0.50 |
| Annual | Dec 22 | 1,859.65 | 1,812.74 | 2.59 |
| Annual | Dec 21 | 1,709.34 | 1,607.04 | 6.37 |
| Quarterly | Dec 23 | 2,224.23 | 2,230.88 | -0.30 |
| Quarterly | Sep 23 | 2,188.53 | 2,200.57 | -0.55 |
| Quarterly | Jun 23 | 2,116.31 | 2,075.07 | 1.99 |
| Quarterly | Mar 23 | 1,986.34 | 1,920.03 | 3.45 |
Reference Information - Net Debt
| Last Actual (FY0): | -507.92 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Net Debt
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | -1,423.40 | -1,405.00 | -1,432.60 | -1,432.60 | 3 | -- | -- | -- |
| Annual | Dec 25 | -1,037.95 | -673.00 | -1,190.72 | -1,085.49 | 5 | -- | -- | -- |
| Annual | Dec 24 | -742.42 | -551.00 | -820.00 | -773.00 | 5 | -- | -- | -- |
Actuals - Net Debt
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | -507.92 | -517.54 | 1.86 |
| Annual | Dec 22 | -243.22 | -318.95 | 23.74 |
| Annual | Dec 21 | -430.81 | -416.06 | -3.55 |
Reference Information - Net Income
| Last Actual (FY0): | 523.90 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Net Income
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 623.00 | 658.00 | 604.00 | 615.00 | 4 | -- | 1 | -0.04 |
| Annual | Dec 25 | 577.07 | 617.00 | 561.00 | 573.00 | 10 | -- | 1 | -0.02 |
| Annual | Dec 24 | 541.29 | 574.00 | 524.95 | 539.00 | 10 | -- | 1 | -0.02 |
| Quarterly | Mar 24 | 127.02 | 135.50 | 122.15 | 126.00 | 7 | -- | 1 | -0.11 |
| Quarterly | Jun 24 | 133.55 | 135.26 | 130.00 | 134.00 | 7 | -- | 1 | -0.11 |
| Quarterly | Sep 24 | 135.78 | 140.40 | 129.99 | 137.00 | 7 | -- | -- | -- |
| Quarterly | Dec 24 | 140.94 | 144.00 | 137.55 | 141.00 | 7 | -- | -- | -- |
Actuals - Net Income
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 523.90 | 525.14 | -0.24 |
| Annual | Dec 22 | 455.50 | 449.91 | 1.24 |
| Annual | Dec 21 | 425.70 | 419.45 | 1.49 |
| Quarterly | Dec 23 | 137.10 | 137.32 | -0.16 |
| Quarterly | Sep 23 | 131.50 | 126.74 | 3.75 |
| Quarterly | Jun 23 | 128.80 | 133.23 | -3.33 |
| Quarterly | Mar 23 | 126.60 | 107.01 | 18.31 |
Reference Information - Operating Profit
| Last Actual (FY0): | -- |
| FY0 End Date: | |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Operating Profit
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | -- | -- | -- | -- | -- | -- | -- | -- |
| Annual | Dec 25 | -- | -- | -- | -- | -- | -- | -- | -- |
| Annual | Dec 24 | -- | -- | -- | -- | -- | -- | -- | -- |
| Quarterly | Dec 24 | -- | -- | -- | -- | -- | -- | -- | -- |
| Quarterly | Sep 24 | -- | -- | -- | -- | -- | -- | -- | -- |
| Quarterly | Jun 24 | -- | -- | -- | -- | -- | -- | -- | -- |
| Quarterly | Mar 24 | -- | -- | -- | -- | -- | -- | -- | -- |
Actuals - Operating Profit
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- | |
| Dec 00 | -- | -- | -- |
Reference Information - Return On Equity
| Last Actual (FY0): | 25.66 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Return On Equity
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 20.40 | 21.00 | 19.80 | 20.40 | 2 | -- | -- | -- |
| Annual | Dec 25 | 21.78 | 24.00 | 21.00 | 21.05 | 4 | -- | -- | -- |
| Annual | Dec 24 | 22.90 | 24.00 | 22.40 | 22.60 | 5 | -- | -- | 1.25 |
Actuals - Return On Equity
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 25.66 | 25.40 | 0.26 |
| Annual | Dec 22 | 25.53 | 25.44 | 0.09 |
| Annual | Dec 21 | 28.44 | 27.30 | 1.14 |
Reference Information - Sales
| Last Actual (FY0): | 2,195.61 |
| FY0 End Date: | 12/1/23 |
| Ind. Annual Div: | -- |
| Hist (5 Yr) Growth %: | -- |
| Yield (%): | -- |
Analyst Forecasts - Sales
| Last Month Revisions | |||||||||
| Fiscal Period | Mean | High | Low | Median | # of Estimates | # Up | # Down | Mean % Change | |
|---|---|---|---|---|---|---|---|---|---|
| Annual | Dec 26 | 2,522.99 | 2,625.00 | 2,458.00 | 2,533.00 | 5 | -- | 1 | -0.03 |
| Annual | Dec 25 | 2,362.56 | 2,398.00 | 2,334.45 | 2,362.60 | 12 | -- | 1 | -0.01 |
| Annual | Dec 24 | 2,256.17 | 2,272.00 | 2,231.91 | 2,261.61 | 12 | -- | 1 | -0.01 |
| Quarterly | Mar 24 | 536.39 | 558.60 | 523.40 | 534.31 | 9 | -- | 1 | -0.03 |
| Quarterly | Jun 24 | 572.61 | 582.70 | 567.46 | 571.51 | 9 | -- | 1 | -0.01 |
| Quarterly | Sep 24 | 560.17 | 573.50 | 551.81 | 561.00 | 9 | -- | 1 | -0.01 |
| Quarterly | Dec 24 | 585.03 | 590.00 | 581.00 | 584.73 | 9 | -- | 1 | -0.02 |
Actuals - Sales
| Reported | Mean Estimate | Surprise % Change | ||
|---|---|---|---|---|
| Annual | Dec 23 | 2,195.61 | 2,191.65 | 0.18 |
| Annual | Dec 22 | 2,143.52 | 2,142.77 | 0.03 |
| Annual | Dec 21 | 1,987.61 | 1,964.92 | 1.15 |
| Quarterly | Dec 23 | 566.64 | 562.98 | 0.65 |
| Quarterly | Sep 23 | 539.67 | 557.38 | -3.18 |
| Quarterly | Jun 23 | 559.64 | 576.08 | -2.85 |
| Quarterly | Mar 23 | 529.65 | 501.90 | 5.53 |
Copyright Refinitiv
Graco is followed by the analysts listed. Please note that any opinions, estimates or forecasts regarding Graco's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Graco or its management. Graco does not by its reference or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.