Graco Sets Quarterly Sales and Earnings Records
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Graco Inc. reported record second-quarter sales of $590.6 million, up 3% from $571.8 million in the prior-year quarter. Operating earnings increased 11% to $175.1 million, while adjusted earnings per share rose 17% to $0.91.
The company said sales increased across all three operating segments. In the Contractor segment, Graco reported organic sales growth in both the professional-paint and home-center channels in the Americas for the first time in two years.
Industrial segment sales increased to $249.2 million from $242.3 million, while operating earnings rose to $84.3 million from $82.4 million.
Graco said organic incoming orders increased at a mid-single-digit rate during the quarter, reflecting improving demand trends. The company maintained its outlook for low-single-digit organic sales growth at constant currencies and mid-single-digit total sales growth including acquisitions.
Because Graco supplies liquid- and powder-finishing, dispensing and fluid-management equipment, growth in professional paint and industrial operations provides a useful demand signal for applicators and finishing operations. Rising incoming orders may also indicate improving project activity across equipment-intensive end markets.
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