Graco's industrial segment sales up 9.5% in Q3 2018

Minneapolis, Minnesota — Graco, which manufactures polyurethane spray machinery equipment, reported a 9.5% rise in net sales in the third quarter of 2018.

The company had sales of $416 m compared with $380 m in the 2017 third quarter.

Sales in its industrial segment, which houses, spray foam machinery were $195 m in the quarter. This is up 9.5% up on the $178 m recorded by the segment in the third quarter of 2017.

CEO Patrick McHale said that the industrial segment 'posted solid revenue gains over difficult comparisons from a year ago'.

Meanwhile, looking across the business as a whole, McHale added: 'With the exception of EMEA, underlying demand in our key end markets and geographies remains solid. We confirm our full-year outlook of mid-to-high single-digit organic sales growth on a constant currency basis.'

However, he added: 'We expect to face headwinds from tariffs, material costs and currency translation in the fourth quarter.'