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.