Wed, Jul 24, 8:14 PM (45 days ago)
Graco Inc.'s Q2 2024 financial results show a slight decline in net sales by 1% year-over-year, totaling $553.2 million. Despite this, gross profit improved due to lower product costs and price increases, leading to a 2% increase in operating earnings to $161.4 million. Net earnings slightly decreased by 1% to $133.0 million, impacted by a higher effective tax rate. Segment-wise, the Contractor segment saw a 5% sales increase, while Industrial and Process segments experienced declines. Operating expenses rose by 4%, driven by new product development and other corporate expenses. Cash flow from operations decreased to $258 million due to higher inventory levels. The company maintains strong liquidity with $666 million in cash and $775 million in available credit. Graco has revised its full-year outlook to a low single-digit sales decline, citing economic challenges, particularly in Asia Pacific.