Sales Growth in All Segments
Graco Inc. (NYSE: GGG) today announced results for the second
quarter ended June 29, 2018.
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Summary
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$ in millions except per share amounts
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Three Months Ended
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Six Months Ended
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Jun 29,
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Jun 30,
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%
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Jun 29,
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Jun 30,
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%
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2018
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2017
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Change
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2018
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2017
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Change
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Net Sales
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$
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424.6
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$
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379.5
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12
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%
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$
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830.9
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$
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720.1
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15
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%
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Operating Earnings
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113.4
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100.4
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13
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%
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225.1
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187.8
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20
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%
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Net Earnings
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89.1
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79.8
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12
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%
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174.7
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140.6
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24
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%
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Diluted Net Earnings per Common Share
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$
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0.51
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$
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0.46
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11
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%
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$
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1.00
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$
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0.81
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23
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%
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Adjusted (non-GAAP): (1)
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Net Earnings, adjusted
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$
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82.7
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$
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66.2
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25
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%
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$
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166.8
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$
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123.4
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35
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%
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Diluted Net Earnings per Common Share, adjusted
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$
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0.48
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$
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0.38
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26
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%
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$
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0.96
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$
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0.71
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35
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%
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(1)
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Excludes impacts of excess tax benefits from stock option exercises.
See Financial Results Adjusted for Comparability below for a
reconciliation of adjusted non-GAAP financial measures to GAAP.
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Sales for the quarter and year to date increased double-digit
percentages with growth in all segments. Favorable currency
translation and acquired operations contributed a total of 6
percentage points of sales growth to both the quarter and year to date.
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Gross margin rates remained strong, up slightly compared to the
comparable periods last year.
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Operating expenses increased 12 percent for the quarter and year to
date, including a total of 4 percentage points from currency
translation and acquired operations.
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Other expense increased $4 million for the quarter and $3 million year
to date, mostly due to exchange losses on net assets of foreign
operations.
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The effective income tax rate decreased by 1 percentage point for the
quarter and 3 percentage points for the year to date, as the net
benefits of U.S. federal income tax reform were partially offset by
the impact of decreases in excess tax benefits from option exercises.
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Excess tax benefits from option exercises decreased compared to last
year by $7 million for the quarter and $9 million for the year to date.
"With the help of our employees and channel partners around the world,
we again achieved record sales and operating earnings for the quarter,
led by growth in the Process and Contractor segments," said Patrick J.
McHale, Graco's President and CEO. "Our Industrial segment moderated in
the quarter, however their year-to-date results were in line with our
expectations. Profitability remained strong in the second quarter,
reflecting improved sales volumes, ongoing solid factory performance and
good operating expense leverage.”
Consolidated Results
Sales for the quarter increased 12 percent (9 percent at consistent
translation rates), with increases of 11 percent in the Americas, 11
percent in EMEA (4 percent at consistent translation rates) and 15
percent in Asia Pacific (10 percent at consistent translation rates).
Sales for the year to date increased 15 percent (12 percent at
consistent translation rates), with increases of 11 percent in the
Americas, 19 percent in EMEA (9 percent at consistent translation rates)
and 25 percent in Asia Pacific (19 percent at consistent translation
rates).
Changes in currency translation rates increased sales by approximately
$9 million (3 percentage points) for the quarter and $23 million (3
percentage points) year to date. Acquired operations contributed 3
percentage points of sales growth for the quarter and year to date,
including 6 percentage points of growth in EMEA.
Gross profit margin rates improved slightly for the quarter and year to
date. Favorable effects from currency translation and realized pricing
were mostly offset by the unfavorable effects of lower gross margins
from acquired operations and changes in product and channel mix.
Total operating expenses for the quarter increased $12 million (12
percent) compared to the second quarter last year. The increase includes
approximately $2 million related to currency translation, $2 million
from acquired operations, $4 million of increases in costs directly
based on sales and earnings and a $1 million increase in market-driven
share-based compensation. Year-to-date operating expenses increased $25
million (12 percent) compared to the first half last year. The increase
includes approximately $5 million related to currency translation, $4
million from acquired operations, $9 million of increases in costs
directly based on sales and earnings and a $2 million increase in
market-driven share-based compensation.
Other expense for the quarter and year to date includes $3 million and
$2 million of exchange losses on net assets of foreign operations,
respectively, compared to small gains in the comparable periods last
year.
The effective income tax rate was 15 percent for the quarter and 18
percent for the year to date, down 1 percentage point and 3 percentage
points from the comparable periods last year, respectively. Adjusted to
exclude the impact of excess tax benefits related to stock option
exercises (see Financial Results Adjusted for Comparability below), the
effective income tax rate was approximately 21½ percent for both the
quarter and year to date, 9 percentage points lower than the comparable
periods last year due to the net effects of U.S. federal income tax
reform legislation passed at the end of 2017.
Segment Results
Management assesses performance of segments by reference to operating
earnings excluding unallocated corporate expenses and asset impairments.
For a reconciliation of segment operating earnings to consolidated
operating earnings, refer to the Segment Information table included in
the financial statement section of this release. Certain measurements of
segment operations are summarized below:
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Three Months
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Six Months
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Industrial
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Process
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Contractor
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Industrial
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Process
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Contractor
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Net Sales (in millions)
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$
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190.5
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$
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85.1
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$
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149.1
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$
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385.7
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$
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165.1
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$
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280.2
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Percentage change from last year
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Sales
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9
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%
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16
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%
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14
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%
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16
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%
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15
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%
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14
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%
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Operating earnings
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9
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%
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27
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%
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14
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%
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18
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%
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29
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%
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17
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%
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Operating earnings as a percentage of sales
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2018
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35
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%
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20
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%
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26
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%
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35
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%
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21
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%
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25
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%
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2017
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35
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%
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18
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%
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26
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%
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35
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%
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19
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%
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24
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%
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Components of net sales change by geographic region for the Industrial
segment were as follows:
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Three Months
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Six Months
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Volume and Price
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Acquisitions
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Currency
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Total
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Volume and Price
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Acquisitions
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Currency
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Total
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Americas
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4%
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0%
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0%
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4%
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6%
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0%
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0%
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6%
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EMEA
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(5)%
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11%
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7%
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13%
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2%
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11%
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11%
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24%
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Asia Pacific
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2%
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5%
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5%
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12%
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12%
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6%
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7%
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25%
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Consolidated
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1%
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4%
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4%
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9%
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6%
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5%
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5%
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16%
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Industrial segment sales growth included $8 million for the quarter and
$17 million for the year to date from acquired operations. Sales growth
for the quarter was modest due to timing of finishing system sales and
other project activity. Strong finishing systems sales in the first
quarter boosted year to date sales growth. Operating margin rates for
the quarter and year to date were consistent with comparable periods
last year. The favorable effects of translation and product and channel
mix were offset by the effects of purchase accounting and lower
operating margins in acquired operations.
Components of net sales change by geographic region for the Process
segment were as follows:
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Three Months
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Six Months
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Volume and Price
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Acquisitions
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Currency
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Total
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Volume and Price
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Acquisitions
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Currency
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Total
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Americas
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16%
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2%
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0%
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18%
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14%
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2%
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0%
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16%
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EMEA
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(2)%
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1%
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5%
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4%
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(5)%
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1%
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6%
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2%
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Asia Pacific
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18%
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1%
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4%
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23%
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21%
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1%
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5%
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27%
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Consolidated
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13%
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1%
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2%
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16%
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11%
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1%
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3%
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15%
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The Process segment had sales growth in all product applications. Strong
sales growth continued in the segment's Lubrication division, and the
Oil and Natural Gas division had solid growth in the second quarter.
Operating margin rates for this segment improved by 2 percentage points
for both the quarter and year to date, driven by higher sales volume and
expense leverage.
Components of net sales change by geographic region for the Contractor
segment were as follows:
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Three Months
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Six Months
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Volume and Price
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Acquisitions
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Currency
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Total
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Volume and Price
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Acquisitions
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Currency
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Total
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Americas
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11%
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2%
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0%
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13%
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10%
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2%
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0%
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12%
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EMEA
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4%
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0%
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8%
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12%
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10%
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0%
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11%
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21%
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Asia Pacific
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22%
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0%
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4%
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26%
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17%
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0%
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5%
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22%
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Consolidated
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11%
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1%
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2%
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14%
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11%
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1%
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2%
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14%
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Contractor segment sales increased in all channels. Operating margin
rates for the quarter and year to date improved slightly compared to the
comparable periods last year. Favorable effects of translation and
expense leverage were offset by increases in volume and earnings-based
incentive costs.
Outlook
"Demand remains broad-based across products and geographies," stated
McHale. "We are holding to our outlook of mid-to-high single-digit
organic sales growth on a constant currency basis worldwide for the full
year 2018. Although we anticipate second half pressures from tariffs,
material costs and currency, we are encouraged by the strong levels of
demand in many of our key end markets. As a result, we believe Graco is
well positioned to deliver another record year of sales and earnings in
2018."
Financial Results Adjusted for Comparability
Excluding the impact of tax benefits related to stock option exercises
presents a more consistent basis for comparison of financial results. A
calculation of the non-GAAP measurements of adjusted income taxes,
effective income tax rates, net earnings and diluted earnings per share
follows (in millions except per share amounts):
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Three Months Ended
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Six Months Ended
|
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Jun 29,
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Jun 30,
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Jun 29,
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Jun 30,
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2018
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2017
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2018
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2017
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Earnings before income taxes
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$
|
105.2
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|
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|
$
|
95.6
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|
$
|
212.7
|
|
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|
$
|
177.2
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|
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|
|
|
|
|
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|
Income taxes, as reported
|
|
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$
|
16.1
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|
|
|
$
|
15.8
|
|
|
|
$
|
38.0
|
|
|
|
$
|
36.6
|
|
Excess tax benefit from option exercises
|
|
|
|
6.4
|
|
|
|
|
13.6
|
|
|
|
|
7.9
|
|
|
|
|
17.2
|
|
Income taxes, adjusted
|
|
|
$
|
22.5
|
|
|
|
$
|
29.4
|
|
|
|
$
|
45.9
|
|
|
|
$
|
53.8
|
|
|
|
|
|
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|
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Effective income tax rate
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|
|
|
|
|
|
|
|
|
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As reported
|
|
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|
15.3
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%
|
|
|
|
16.5
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%
|
|
|
|
17.9
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%
|
|
|
|
20.7
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%
|
Adjusted
|
|
|
|
21.4
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%
|
|
|
|
30.7
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%
|
|
|
|
21.6
|
%
|
|
|
|
30.4
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings, as reported
|
|
|
$
|
89.1
|
|
|
|
$
|
79.8
|
|
|
|
$
|
174.7
|
|
|
|
$
|
140.6
|
|
Excess tax benefit from option exercises
|
|
|
|
(6.4
|
)
|
|
|
|
(13.6
|
)
|
|
|
|
(7.9
|
)
|
|
|
|
(17.2
|
)
|
Net Earnings, adjusted
|
|
|
$
|
82.7
|
|
|
|
$
|
66.2
|
|
|
|
$
|
166.8
|
|
|
|
$
|
123.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Diluted Shares
|
|
|
|
173.3
|
|
|
|
|
173.8
|
|
|
|
|
174.5
|
|
|
|
|
173.5
|
|
Diluted Earnings per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
$
|
0.51
|
|
|
|
$
|
0.46
|
|
|
|
$
|
1.00
|
|
|
|
$
|
0.81
|
|
Adjusted
|
|
|
$
|
0.48
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.96
|
|
|
|
$
|
0.71
|
|
|
|
|
|
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Cautionary Statement Regarding Forward-Looking Statements
The Company desires to take advantage of the “safe harbor” provisions
regarding forward-looking statements of the Private Securities
Litigation Reform Act of 1995 and is filing this Cautionary Statement in
order to do so. From time to time various forms filed by our Company
with the Securities and Exchange Commission, including our Form 10-K,
Form 10-Qs and Form 8-Ks, and other disclosures, including our 2017
Overview report, press releases, earnings releases, analyst briefings,
conference calls and other written documents or oral statements released
by our Company, may contain forward-looking statements. Forward-looking
statements generally use words such as “expect,” “foresee,”
“anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and
similar expressions, and reflect our Company’s expectations concerning
the future. All forecasts and projections are forward-looking
statements. Forward-looking statements are based upon currently
available information, but various risks and uncertainties may cause our
Company’s actual results to differ materially from those expressed in
these statements. The Company undertakes no obligation to update these
statements in light of new information or future events.
Future results could differ materially from those expressed due to the
impact of changes in various factors. These risk factors include, but
are not limited to: our Company’s growth strategies, which include
making acquisitions, investing in new products, expanding geographically
and targeting new industries; economic conditions in the United States
and other major world economies; changes in tax rates or the adoption of
new tax legislation; changes in currency translation rates; changes in
laws and regulations; compliance with anti-corruption and trade laws;
new entrants who copy our products or infringe on our intellectual
property; risks incident to conducting business internationally; the
ability to meet our customers’ needs and changes in product demand;
supply interruptions or delays; security breaches; the possibility of
asset impairments if acquired businesses do not meet performance
expectations; political instability; results of and costs associated
with litigation, administrative proceedings and regulatory reviews
incident to our business; the possibility of decline in purchases from a
few large customers of the Contractor segment; variations in activity in
the construction, automotive, mining and oil and natural gas industries;
our ability to attract, develop and retain qualified personnel; and
catastrophic events. Please refer to Item 1A of our Annual Report on
Form 10-K for fiscal year 2017 (and most recent Form 10-Q) for a more
comprehensive discussion of these and other risk factors. These reports
are available on the Company’s website at www.graco.com
and the Securities and Exchange Commission’s website at www.sec.gov.
Shareholders, potential investors and other readers are urged to
consider these factors in evaluating forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements.
Investors should realize that factors other than those identified above
and in Item 1A might prove important to the Company’s future results. It
is not possible for management to identify each and every factor that
may have an impact on the Company’s operations in the future as new
factors can develop from time to time.
Conference Call
Graco management will hold a conference call, including slides via
webcast, with analysts and institutional investors on Thursday, July 26,
2018, at 11 a.m. ET, 10 a.m. CT, 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.
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 p.m. ET on July 26, 2018, by dialing
888-203-1112, Conference ID #4411660, if calling within the U.S. or
Canada. The dial-in number for international participants is
719-457-0820, with the same Conference ID #. The replay by telephone
will be available through July 30, 2018.
About Graco
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 powder 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
or on Twitter @GracoInc.
|
GRACO INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
|
(In thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
Jun 29,
|
|
|
Jun 30,
|
|
|
Jun 29,
|
|
|
Jun 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net Sales
|
|
|
$
|
424,570
|
|
|
$
|
379,483
|
|
|
$
|
830,918
|
|
|
$
|
720,073
|
Cost of products sold
|
|
|
|
194,667
|
|
|
|
174,973
|
|
|
|
378,594
|
|
|
|
329,718
|
Gross Profit
|
|
|
|
229,903
|
|
|
|
204,510
|
|
|
|
452,324
|
|
|
|
390,355
|
Product development
|
|
|
|
16,112
|
|
|
|
14,662
|
|
|
|
31,401
|
|
|
|
28,921
|
Selling, marketing and distribution
|
|
|
|
62,949
|
|
|
|
55,583
|
|
|
|
125,471
|
|
|
|
109,972
|
General and administrative
|
|
|
|
37,464
|
|
|
|
33,855
|
|
|
|
70,378
|
|
|
|
63,617
|
Operating Earnings
|
|
|
|
113,378
|
|
|
|
100,410
|
|
|
|
225,074
|
|
|
|
187,845
|
Interest expense
|
|
|
|
3,891
|
|
|
|
4,154
|
|
|
|
7,124
|
|
|
|
8,209
|
Other expense, net
|
|
|
|
4,251
|
|
|
|
652
|
|
|
|
5,286
|
|
|
|
2,457
|
Earnings Before Income Taxes
|
|
|
|
105,236
|
|
|
|
95,604
|
|
|
|
212,664
|
|
|
|
177,179
|
Income taxes
|
|
|
|
16,096
|
|
|
|
15,776
|
|
|
|
38,014
|
|
|
|
36,619
|
Net Earnings
|
|
|
$
|
89,140
|
|
|
$
|
79,828
|
|
|
$
|
174,650
|
|
|
$
|
140,560
|
Net Earnings (Loss) per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.53
|
|
|
$
|
0.48
|
|
|
$
|
1.04
|
|
|
$
|
0.84
|
Diluted
|
|
|
$
|
0.51
|
|
|
$
|
0.46
|
|
|
$
|
1.00
|
|
|
$
|
0.81
|
Weighted Average Number of Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
167,260
|
|
|
|
167,404
|
|
|
|
168,166
|
|
|
|
167,354
|
Diluted
|
|
|
|
173,265
|
|
|
|
173,782
|
|
|
|
174,457
|
|
|
|
173,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION (Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
Jun 29,
|
|
|
Jun 30,
|
|
|
Jun 29,
|
|
|
Jun 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
|
$
|
190,459
|
|
|
|
$
|
174,868
|
|
|
|
$
|
385,655
|
|
|
|
$
|
331,258
|
|
Process
|
|
|
|
85,059
|
|
|
|
|
73,399
|
|
|
|
|
165,094
|
|
|
|
|
143,428
|
|
Contractor
|
|
|
|
149,052
|
|
|
|
|
131,216
|
|
|
|
|
280,169
|
|
|
|
|
245,387
|
|
Total
|
|
|
$
|
424,570
|
|
|
|
$
|
379,483
|
|
|
|
$
|
830,918
|
|
|
|
$
|
720,073
|
|
Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
|
$
|
67,030
|
|
|
|
$
|
61,596
|
|
|
|
$
|
136,155
|
|
|
|
$
|
115,331
|
|
Process
|
|
|
|
17,065
|
|
|
|
|
13,418
|
|
|
|
|
34,767
|
|
|
|
|
26,881
|
|
Contractor
|
|
|
|
38,382
|
|
|
|
|
33,759
|
|
|
|
|
69,793
|
|
|
|
|
59,778
|
|
Unallocated corporate (expense)
|
|
|
|
(9,099
|
)
|
|
|
|
(8,363
|
)
|
|
|
|
(15,641
|
)
|
|
|
|
(14,145
|
)
|
Total
|
|
|
$
|
113,378
|
|
|
|
$
|
100,410
|
|
|
|
$
|
225,074
|
|
|
|
$
|
187,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Consolidated Balance Sheets, Consolidated Statements of Cash Flows
and Management's Discussion and Analysis are available in our Quarterly
Report on Form 10-Q on our website at www.graco.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180725005815/en/
Copyright Business Wire 2018