Minneapolis, Minnesota — Graco, a polyurethane spray machinery equipment manufacturer, reported a 16% rise in net sales in the third quarter of 2017 to $380m.
Sales in the firm’s industrial segment, which houses spray foam machinery, at $ 178 m were almost 19% up on the $ 150 m recorded by the segment in the third quarter of 2016. Operating earnings in the segment at almost $62 m were up around $12 m on the $50.5m Graco recorded in the third quarter of 2016.
‘Demand levels remained robust and broad-based in the third quarter,’ said Patrick McHale, CEO. He continued, ‘we expect the positive business environment to continue into 2018. However, our fourth quarter represents our most difficult comparable of the year. In addition to a strong fourth quarter last year, we also had 14 work weeks compared to only 13 weeks in this year’s fourth quarter. Given the math, we anticipate a low single-digit organic, constant currency growth in the fourth quarter.’