Graco Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and the Full Year Ended December 29, 2017; Provides Earnings Guidance for Full Year 2018
January 29, 2018 at 09:10 pm
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Graco Inc. announced consolidated unaudited earnings results for the fourth quarter and the full year ended December 29, 2017. For the fourth quarter, the company reported net sales of $374,859,000 compared to $349,063,000 a year ago. Operating earnings were $76,220,000 compared to loss of $106,876,000 a year ago. Earnings before income taxes were $73,523,000 compared to loss before income taxes of $110,970,000 a year ago. Net earnings were $36,392,000 or $0.21 per diluted share compared to net loss of $104,213,000 or $0.61 per diluted share a year ago. Adjusted operating earnings were $88.3 million compared to $85.1 million a year ago. Adjusted earnings before income taxes were $85.6 million compared to $81.0 million a year ago. Adjusted net earnings were $59.4 million compared to $57.2 million a year ago. Adjusted diluted earnings per share were $0.34 against $0.33 a year ago.
For the full year, the company reported net sales of $1,474,744,000 compared to $1,329,293,000 a year ago. Operating earnings were $360,447,000 compared to $113,879,000 a year ago. Earnings before income taxes were $347,094,000 compared to $96,655,000 a year ago. Net earnings were $252,412,000 or $1.45 per diluted share compared to $40,674,000 or $0.24 per basic and diluted share a year ago. Net cash provided by operating activities was $337,864,000 compared to $276,006,000 a year ago. Property, plant and equipment additions were $40,194,000 compared to $42,113,000 a year ago. Adjusted operating earnings were $372.5 million compared to $305.9 million a year ago. Adjusted earnings before income taxes were $359.2 million compared to $288.7 million a year ago. Adjusted net earnings were $249.4 million compared to $202.1 million a year ago. Adjusted diluted earnings per share were $1.43 against $1.18 a year ago.
The company is initiating outlook for the full-year 2018 of mid single-digit growth on an organic, constant currency basis, with growth expected in every region and reportable segment.
Graco Inc. is a manufacturing company. It supplies technology and expertise for the management of fluids and coatings in industrial and commercial applications. It operates through three segments: Contractor, Industrial and Process. Contractor segment offers sprayers that apply paint to walls and other structures, with product models for users ranging from do-it-yourself homeowners to professional contractors. It also manufactures two-component proportioning systems that are used to spray polyurethane foam (spray foam) and polyurea coatings. Industrial segment includes the Industrial and Powder divisions. The Industrial segment markets equipment and solutions for moving and applying paints, coatings, sealants, adhesives and other fluids. Process segment includes the Process and Lubrication divisions. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, wastewater, petroleum, food, lubricants and other fluids.
Graco Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and the Full Year Ended December 29, 2017; Provides Earnings Guidance for Full Year 2018