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Graco Reports Record Third Quarter Sales And Earnings

Conference Call

Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on Thursday, October 24, 2013, at 11:00 a.m. ET, to discuss Graco’s third 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 October 24, 2013, by dialing 800-406-7325, Conference ID #4643781, 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 27, 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 Thirty-nine Weeks Ended
(in thousands, except per share amounts) Sep 27, Sep 28, Sep 27, Sep 28,
2013 2012 2013 2012
Net Sales $ 277,035 $ 256,472 $ 832,101 $ 758,778
Cost of products sold   126,162     116,539     371,845     347,136  
Gross Profit 150,873 139,933 460,256 411,642
Product development 12,508 12,485 37,396 36,625
Selling, marketing and distribution 44,297 41,230 132,207 121,803
General and administrative   24,342     29,887     74,213     86,439  
Operating Earnings 69,726 56,331 216,440 166,775
Interest expense 4,450 5,233 13,837 14,281
Other expense (income), net   (8,425 )   (3,233 )   (23,671 )   (6,170 )
Earnings Before Income Taxes 73,701 54,331 226,274 158,664
Income taxes   17,600     17,200     60,200     51,800  
Net Earnings $ 56,101   $ 37,131   $ 166,074   $ 106,864  
 
Net Earnings per Common Share
Basic $ 0.91 $ 0.61 $ 2.71 $ 1.77
Diluted $ 0.89 $ 0.60 $ 2.65 $ 1.73
 
Weighted Average Number of Shares
Basic 61,333 60,570 61,222 60,369
Diluted 62,996 61,778 62,748 61,640
 
Segment Information (Unaudited)
 
Thirteen Weeks Ended Thirty-nine Weeks Ended
Sep 27, Sep 28, Sep 27, Sep 28,
2013 2012 2013 2012
Net Sales
Industrial $ 156,654 $ 154,704 $ 480,500 $ 447,027
Contractor 92,942 74,851 269,068 228,943
Lubrication   27,439     26,917     82,533     82,808  
Total $ 277,035   $ 256,472   $ 832,101   $ 758,778  
 
Operating Earnings
Industrial $ 49,429 $ 47,162 $ 156,178 $ 138,646
Contractor 21,459 12,835 62,370 43,339
Lubrication 5,497 5,356 17,285 16,988
Unallocated corporate (expense)   (6,659 )   (9,022 )   (19,393 )   (32,198 )
Total $ 69,726   $ 56,331   $ 216,440   $ 166,775  

 

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

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