The company's businesses were hit by coronavirus shutdowns in a number of downstream industries, notably construction, in the first half of the year.
Patrick McHale, CEO, said: 'Our factories and distribution centres remained fully operational during the second quarter. High-risk employees remain at home and we have dealt with the positive coronavirus tests that we have experienced at our facilities without disruption.'
Sales in the company's industrial business, which houses polyurethane spray foam equipment, subsided by 23% between the first half of 2019 and 2020. Sales reached $292m in the first half of 2020. Operating earnings in the declined by 33% to $87.2.
Business in this segment fell in the half because coronavirus lockdowns cut activity in key markets. Graco said that margins remained relatively strong, but it could not cut operating expenses fast enough to keep pace with the fall in sales.