We finished the year strong; posting records for quarterly and annual sales and operating earnings in 2021,' said Mark Sheahan, Graco’s president and CEO. 'Robust order rates continued in the fourth quarter, and we ended the year with record backlog in all three segments.’
Sheahan added that, like other businesses, the company faces supply chain, logistical and inflationary challenges in the first quarter of 2022.
Sales in its industrial business rose by 25.8% between 2020 and 2021, at $840m. Operating earnings across the division were up 30.8% at $296.5m in 2021.
From the first quarter of 2022, spray foam equipment will be moved from the company's industrial to Graco's contractor business segment. The company said this will enable it to address overlaps of markets, products, end-users and distributors between the contractor-focused businesses.