Minnesota, US – Net sales at Graco, whose portfolio of machinery includes equipment for spraying polyurethane foam insulation, were up by 2% in the 2023 financial year, rising from $2.14bn in 2022 to $2.20bn in 2023. Operating earnings increased by 13%, up to $647m last year from $573m the year before.
In the fourth quarter, net sales were also up by 2%, from $555m in 2022 to $567m last year. Increases of 3% in the Americas and 5% in EMEA (flat at constant currency) were offset by a 5% decline in Asia Pacific (a 4% drop at constant currency).
Operating earnings in the quarter were up from $152m to $170m, a rise of 11%. This represented record figures, the company said. In particular, sales grew in its contractor segment, which includes SPF equipment, driven by new product introductions. Spray foam continues to be strong.
“As we head into a new year, the business is performing well, and demand levels generally remain steady in an uncertain macroeconomic environment,” said CEO Mark Sheahan. “We are initiating full-year 2024 revenue guidance of low single-digits on an organic, constant currency basis as we will continue to focus on our core strategies of new product development, expanding distribution, entering new markets and targeting strategic acquisitions to drive shareholder value.”
