Graco Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 30, 2016; Provides Earnings Guidance for the Year of 2017; Reports Impairment for the Fourth Quarter Ended December 30, 2016
January 30, 2017 at 04:10 pm
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Graco Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 30, 2016. For the quarter, the company reported net sales of $349,063,000 against $325,557,000 for the same period a year ago. Operating loss was $106,876,000 against operating earnings of $76,076,000 for the same period a year ago. Loss before income taxes was $110,970,000 against earnings before income taxes of $73,034,000 for the same period a year ago. Net loss was $104,213,000 or $1.83 per diluted share against net earnings of $53,544,000 or $0.94 per diluted share for the same period a year ago. Adjusted diluted net earnings per common share were $1.00 against $0.93 a year ago. Net earnings adjusted were $57.2 million against $52.9 million a year ago. Operating earnings, adjusted was $85.1 million against $76.1 million a year ago.
For the year, the company reported net sales of $1,329,293,000 against $1,286,485,000 for the same period a year ago. Operating earnings was $113,879,000 against $302,125,000 for the same period a year ago. Earnings before income taxes were $96,655,000 against $474,713,000 for the same period a year ago. Net earnings were $40,674,000 or $0.71 per diluted share against $345,713,000 or $5.86 per diluted share for the same period a year ago. Net cash from operating activities was $269,093,000 compared to $189,639,000 a year ago. Property, plant and equipment additions were $42,113,000 compared to $41,749,000 a year ago. Adjusted diluted net earnings per common share were $3.55 against $3.46 a year ago. Net earnings adjusted were $202.1 million against $204.3 million a year ago. Operating earnings, adjusted was $305.9 million against $302.1 million a year ago.
For the quarter, the company reported impairment of $192,020,000.
The company is initiating its full-year 2017 outlook of low single-digit organic sales growth on a constant currency basis worldwide, with low single-digit growth expected in each geographic region of the world. Graco is focused on achieving full-year sales growth in all geographic regions and reportable segments. The tax rate is expected to be approximately 30% in 2017. Capital expenditures are expected to be approximately $40 million.
Graco Inc. is a manufacturing company. It supplies technology and expertise for the management of fluids and coatings in industrial and commercial applications. It operates through three segments: Contractor, Industrial and Process. Contractor segment offers sprayers that apply paint to walls and other structures, with product models for users ranging from do-it-yourself homeowners to professional contractors. It also manufactures two-component proportioning systems that are used to spray polyurethane foam (spray foam) and polyurea coatings. Industrial segment includes the Industrial and Powder divisions. The Industrial segment markets equipment and solutions for moving and applying paints, coatings, sealants, adhesives and other fluids. Process segment includes the Process and Lubrication divisions. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, wastewater, petroleum, food, lubricants and other fluids.
Graco Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 30, 2016; Provides Earnings Guidance for the Year of 2017; Reports Impairment for the Fourth Quarter Ended December 30, 2016