Graco reports Q2 EPS 75c, consensus 79c

Reports Q2 revenue $571.8M, consensus $591.25M. “Overall sales were up 3% in the quarter despite an organic revenue decline of 3%, primarily due to lower sales in the Contractor segment,” said Mark Sheahan, Graco’s (GGG) President and Chief Executive Officer. “The Contractor segment organic sales decline was driven by softness in the North American construction markets, cautious channel and contractor investment, and reduced foot traffic in the home centers. The Americas drove the organic revenue decline as we saw growth in volume in both the EMEA and Asia Pacific regions. In addition, sales of powder finishing equipment continued to be strong during the quarter with improved activity in China.”