Minneapolis, Minnesota — Sales for the industrial segment at polyurethane spray equipment manufacturer Graco rose to $190 m in the second quarter of 2018. This is an increase of 9% on the $174 m recorded in the same quarter last year.
Graco sales up 9% in H1 2018
Over the first half, sales in the division, which contains polyurethane spray foam equipment, rose by 16%. This took the numbers from $331 m in the first half of 2017 to $385 m.
Graco CEO Patrick McHale said: 'Our industrial segment moderated in the quarter; however, the results were in line with our expectations. Profitability remained strong in the second quarter.'
He said that first half performance reflected 'improved sales volumes, solid factory performance and good operating expense leverage'.
Across the company, sales reached $830 m in the half. This is up 15% on the $720 m recorded in the first half of 2017. Net earnings grew from $141 m in the first half of 2016 to $175 m in the 2018 half. This represents a rise of 24%.
McHale added: 'We believe that Graco is well positioned to deliver a record year of sales and earnings in 2018.'