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Graco Reports Record Quarterly Sales And Earnings

Stocks in this article: GGG

Conference Call

Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on Thursday, July 25, 2013, at 11:00 a.m. ET, to discuss Graco’s second quarter results.

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 July 25, 2013, by dialing 800-406-7325, Conference ID #4627991, 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 July 28, 2013.

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and coating 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 Twenty-six Weeks Ended
(in thousands, except per share amounts) Jun 28, Jun 29, Jun 28, Jun 29,
2013 2012 2013 2012
Net Sales $ 286,020 $ 268,184 $ 555,066 $ 502,306
Cost of products sold   127,281     128,654     245,683     230,597  
Gross Profit 158,739 139,530 309,383 271,709
Product development 12,467 12,502 24,888 24,140
Selling, marketing and distribution 44,556 42,547 87,910 80,573
General and administrative   26,499     32,006     49,871     56,552  
Operating Earnings 75,217 52,475 146,714 110,444
Interest expense 4,625 5,359 9,387 9,048
Other expense (income), net   (10,851 )   (3,236 )   (15,246 )   (2,937 )
Earnings Before Income Taxes 81,443 50,352 152,573 104,333
Income taxes   23,600     16,000     42,600     34,600  
Net Earnings $ 57,843   $ 34,352   $ 109,973   $ 69,733  
 
Net Earnings per Common Share
Basic $ 0.94 $ 0.57 $ 1.80 $ 1.16
Diluted $ 0.92 $ 0.56 $ 1.76 $ 1.13
 
Weighted Average Number of Shares
Basic 61,371 60,484 61,166 60,268
Diluted 62,841 61,803 62,624 61,571
 
Segment Information (Unaudited)
 
Thirteen Weeks Ended Twenty-six Weeks Ended
Jun 28, Jun 29, Jun 28, Jun 29,
2013 2012 2013 2012
Net Sales
Industrial $ 159,671 $ 158,220 $ 323,846 $ 292,323
Contractor 98,498 82,106 176,126 154,092
Lubrication   27,851     27,858     55,094     55,891  
Total $ 286,020   $ 268,184   $ 555,066   $ 502,306  
 
Operating Earnings
Industrial $ 51,530 $ 43,171 $ 106,749 $ 91,484
Contractor 24,479 17,965 40,911 30,504
Lubrication 6,647 5,543 11,788 11,632
Unallocated corporate (expense)   (7,439 )   (14,204 )   (12,734 )   (23,176 )
Total $ 75,217   $ 52,475   $ 146,714   $ 110,444  

 

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

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