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Graco Reports Record Third Quarter Sales

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/ir. 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 October 25, 2012, by dialing 800-406-7325, Conference ID #4568468, 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 October 28, 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/ir.

 
 
GRACO INC. AND SUBSIDIARIES
Consolidated Statement of Earnings (Unaudited)
               
Thirteen Weeks Ended Thirty-nine Weeks Ended
(in thousands, except per share amounts) Sep 28, Sep 30, Sep 28, Sep 30,
2012 2011 2012 2011
Net Sales $ 256,472 $ 227,347 $ 758,778 $ 679,689
Cost of products sold   116,539     100,998     347,136     296,497  
Gross Profit 139,933 126,349 411,642 383,192
Product development 12,485 10,423 36,625 30,708
Selling, marketing and distribution 41,230 36,673 121,803 113,738
General and administrative   29,887     22,451     86,439     66,620  
Operating Earnings 56,331 56,802 166,775 172,126
Interest expense 5,233 3,125 14,281 5,473
Other expense (income), net   (3,233 )   325     (6,170 )   649  
Earnings Before Income Taxes 54,331 53,352 158,664 166,004
Income taxes 17,200     16,800     51,800     54,100  
Net Earnings $ 37,131   $ 36,552   $ 106,864   $ 111,904  
Net Earnings per Common Share
Basic $ 0.61 $ 0.60 $ 1.77 $ 1.85
Diluted $ 0.60 $ 0.60 $ 1.73 $ 1.82
Weighted Average Number of Shares
Basic 60,570 60,430 60,369 60,474
Diluted 61,778 61,415 61,640 61,615
 
Segment Information (Unaudited)
 
Thirteen Weeks Ended Thirty-nine Weeks Ended
Sep 28, Sep 30, Sep 28, Sep 30,
2012 2011 2012 2011
Net Sales
Industrial $ 154,704 $ 124,502 $ 447,027 $ 376,636
Contractor 74,851 77,757 228,943 228,664
Lubrication   26,917     25,088     82,808     74,389  
Total $ 256,472   $ 227,347   $ 758,778   $ 679,689  
Operating Earnings
Industrial $ 47,162 $ 42,632 $ 138,646 $ 132,996
Contractor 12,835 16,700 43,339 44,239
Lubrication 5,356 4,380 16,988 13,652
Unallocated corporate (expense)   (9,022 )   (6,910 )   (32,198 )   (18,761 )
Total $ 56,331   $ 56,802   $ 166,775   $ 172,126  

 

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

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