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TheStreet Open House

Graco Reports Record First Quarter Sales And Operating Earnings

Stocks in this article: GGG

A real-time webcast of the conference call will be broadcast live over the Internet. Individuals wanting to listen and view slides can access the call at the Company’s website at www.graco.com. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.

For those unable to listen to the live event, a replay will be available soon after the conference call at Graco’s website, or by telephone beginning at approximately 2:00 p.m. ET on April 26, 2012, by dialing 800-406-7325, Conference ID #4530277, if calling within the U.S. or Canada. The dial-in number for international participants is 303-590-3030, with the same Conference ID #. The replay by telephone will be available through April 30, 2012.

Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.

 
GRACO INC. AND SUBSIDIARIES
Consolidated Statement of Earnings (Unaudited)
 
    Thirteen Weeks Ended
(in thousands, except per share amounts) Mar 30,     Apr 1,
2012 2011
Net Sales $ 234,122 $ 217,679
Cost of products sold   101,943     93,282  
Gross Profit 132,179 124,397
Product development 11,638 9,931
Selling, marketing and distribution 38,026 37,483
General and administrative   24,546     19,914  
Operating Earnings 57,969 57,069
Interest expense 3,689 616
Other expense, net   299     -  
Earnings Before Income Taxes 53,981 56,453
Income taxes   18,600     19,200  
Income taxes $ 35,381   $ 37,253  
Net Earnings per Common Share
Basic $ 0.59 $ 0.62
Diluted $ 0.58 $ 0.61
Weighted Average Number of Shares
Basic 60,052 60,270
Diluted 61,338 61,360
 
Segment Information (Unaudited)
 
Thirteen Weeks Ended
Mar 30, Apr 1,
2012 2011
Net Sales
Industrial $ 134,103 $ 122,830
Contractor 71,986 70,205
Lubrication   28,033     24,644  
Total $ 234,122   $ 217,679  
Operating Earnings
Industrial $ 48,313 $ 45,025
Contractor 12,539 11,115
Lubrication 6,089 5,227
Unallocated corporate (expense)   (8,972 )   (4,298 )
Total $ 57,969   $ 57,069  
 

All figures are subject to audit and adjustment at the end of the fiscal year.

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