Minneapolis, Minnesota — Sales for polyurethane spray equipment manufacturer Graco's industrial segment rose by 25 % to $195 m in the first quarter of 2017.
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This compares with $156 m in the same quarter last year.
A total of $17.8 m came from increased sales in the Asia Pacific region in the quarter. This region accounted for $61 m in sales compared to $43.3 m in the 2017 first quarter.
There was 36.6% growth in the Industrial segment's EMEA sales. These rose from $44 m in the 2017 quarter to $60 m in the 2018 quarter.
Growth in the industrial segment would have been greater but for unfavourable effects of purchase accounting. Lower margins in operations that Graco bought in 2017 also hit the numbers.
Across the company, sales reached $406 m in the first quarter of 2018. This compares with with $341 m in the first quarter of 2017. Net earnings grew from $61m in the first quarter of 2017 to $86 m in the first quarter of 2018, a rise of around 41%.
Patrick McHale, CEO said: 'The company's record performance in 2017 continued into the first quarter of 2018, achieving the highest sales and operating earnings for a quarter in Graco's history.'