Minneapolis, Minnesota — Graco, which makes polyurethane sprayfoam equipment, saw sales rise 5% to $1.29bn ($1.19bn) in 2015 compared with $1.22bn in 2014, breaking a record for the firm. Sales in the Americas were up 11%, but down 4% in Europe, the Middle East and Africa, the firm said in a statement.
Graco sees sales up 5% and net earnings up 53% in 2015
Sales would have been $58m higher in the year but for currency effects, said Graco. The company continued that the industrial segment, which includes machinery for spray foam, saw annual sales of $616m, down 1% on 2014 , but if exchange rates had remained constant were up 5%, the firm said. It added that operating earnings fell by 1% in the segment.
It is impossible to compare with the year earlier period because Graco significantly reorganised its financial reporting segments in 2015.
"As we enter 2016, we are cautiously optimistic that our growth initiatives and end-market exposure will help us achieve our outlook of low-to-mid single digit, organic constant-currency growth for the year. At current exchange rates, unfavourable changes in foreign currency translation rates create a full-year headwind of approximately 2% on sales and 5% on income in 2016," said Patrick McHale, ceo.
XE Currency conversion: 26 January, 2016
