Minneapolis, Minnesota — Polyurethane spray equipment manufacturer Graco, saw sales in its industrial segment rise by 6 % to $156 m in the first quarter of 2017 compared with $147 m in the same quarter last year.
A total of $ 5.5 m came from increased sales in the Asia Pacific region in the quarter. This region accounted for $ 43 m in sales compared to $ 48 m in the 2016 first quarter. In its 10Q filing with the SEC the firm said the industrial segment had benefited from: "improved conditions in Asia Pacific, strong project activity and timing of promotions in the Americas [which] contributed to the increase in industrial segment sales. Operating margin rates for the Industrial segment increased 3 compared to last year due to higher sales volume, improved gross margin rate and favourable expense leverage."
Across the company, sales reached $341 m in the first quarter of 2017, compared with $ 305m in the first quarter of 2016. Net earnings grew from $40m in the first quarter of 2016 to $61m in the first quarter of 2017, a rise of around 54%.
