Sales Growth and Revenue Achievement
Graco reported first-quarter sales of $528 million, an increase of 7% from the first quarter of last year. Excluding acquisitions, sales grew 3% for the quarter.
Strong Financial Performance
Reported net earnings increased 2% to $124 million or $0.72 per diluted share. Adjusted non-GAAP net earnings were $120 million or $0.70 per diluted share, an increase of 8%.
Robust Cash Flow
Cash provided by operations totaled $125 million, an increase of $6 million from last year. Cash provided by operations as a percent of adjusted net earnings was 104%.
Successful Share Repurchases
The company repurchased 4.4 million shares for nearly $360 million year-to-date.
Positive Segment Performance
Industrial segment sales increased 5% with growth in all regions. Sales in the expansion markets segments increased by 12% with positive momentum in the semiconductor market.
Corab Acquisition Success
Corab has met expectations as integration efforts continue, contributing 6% to sales growth.