Minneapolis, Minnesota - Foam equipment maker Graco has posted net earnings for the 13 weeks ended 28 June 2013 of $57.8 million, up 68% on the same period in 2012. Sales in the quarter were up 7% totalling $286 million.
Year-to-date sales increased 11% totalling $555 million, with earnings reaching $110 million, 58% jump from the first half of 2012.
Graco sells products in three businesses: contractor, industrial and lubrication. Its range includes polyurethane equipment, adhesives and sealants equipment, and products for composites and high-performance coatings and foam.
Graco reported that all segments generated double-digit percentage growth in operating earnings for the quarter, but noted that the contractor segment sales drove the 7% sales increase for the quarter.
Regionally, sales grew by 14% in the Americas and 2% in Europe, Middle East and Africa. However, sales fell 6% in Asia-Pacific.
"Sales grew at a double-digit pace in the Americas, driven by 28% growth in our contractor segment, which benefited from an initial stocking of expanded product offerings in the home centre channel and ongoing recovery in the US housing market," commented Patrick McHale, Greco's president and CEO.
McHale added that the company is well positioned for the remainder of the year. He noted that while the macroeconomic conditions in EMEA and Asia-Pacific are not expected to improve, the company should still do better here than last year.