Minneapolis, Minnesota – Operating earnings at PU spray machinery maker Graco,were 94.1% higher in the first half of 2021 than in H1 2020. Sales also rose by 29.8% to $961.3m in the first half of 2021.
Graco rebounds strongly in H1 2021
Focusing on the second quarter, CEO Mark Sheahan said: 'Sales in the second quarter grew double-digits in every region and reportable segment on an organic, constant currency basis.'
Sheahan, who in early June replaced Patrick McHale as CEO on his retirement, added that there was broad-based growth in the industrial and process segments. ‘Our manufacturing and purchasing teams have performed well to keep up with robust demand in all segments despite supply chain and logistical challenges,' he said.
In the company's industrial business, home to PU application equipment, operating earnings in the division rose by 54.4% to $134.6m in the first half of 2021. This compares with $87m in the equivalent period in 2020.
Sales increased by 33.3% between the first half of 2020 and the first half of 2021, to $389.3m.