Minneapolis, Minnesota — Graco reported Q3 2016 sales of $ 327m compared to $ 319m in the prior year quarter.
Sales for the quarter increased 3%, including 1% from acquired operations and increases in all regions, the report said. Geographically, the firm saw 2% increases in the Americas and EMEA region (Europe, Middle East and Africa) as well as a 4% increase in Asia Pacific, it said,
At $ 54.4m, net earnings for Q3 2016 increased 7% compared to the prior year quarter.
Sales for the first nine months of 2016 were reported at $ 980m compared to $ 960.9m in the first nine months of 2015. Overall sales were up 2%, driven by a 6% increase in EMEA sales.
Net earnings for the first nine months of 2016 were $ 144m, 50% lower than during the prior year period. Net earnings in 2015 included net investment income from the liquid finishing businesses sold in the second quarter of 2015, the report said.
Graco’s president and ceo Patrick McHale said: “Solid performance by our contractor segment was again the primary driver for Graco’s growth in Q3, with strong execution in the Americas and EMEA.
“Industrial segment sales were down slightly, with strong growth in Asia Pacific offset by declines in the Americas and EMEA. Oil and gas headwinds in our process segment persisted in the quarter, with a year-over-year decline of more than 20%.”
McHale added that while “macroeconomic conditions worldwide are tepid, we remain committed to our long-term strategies to drive growth.”