Graco Q1 Profit Rises

(RTTNews) - Graco Inc. (GGG) Wednesday reported first-quarter net income of $105.7 million or $0.61 per share, up 45% from $72.8 million or $0.42 per share last year.

Adjusted earnings improved to $0.58 per share from $0.38 per share last year.

Sales for the quarter grew 22% to $454.1 million from $373.6 million last year.

The company recorded double-digit percentage growth in all regions and in the Industrial and Contractor segments.

Analysts polled by Thomson Reuters estimated earnings of $0.50 per share on revenues of $428.75 million.

"Improvement in our end markets and our incoming order rates bode well for continued success in the second quarter, " said McHale. "However, we are cautious on the longer term outlook as uncertainty remains in the overall demand environment. We will continue to execute on our core growth strategies."