Minneapolis, Minnesota – Sales at PU spray machinery maker Graco were up 11% in the third quarter of 2021 at $486.7m. Operating earnings were unchanged at $124.6m.
Solid Q3 2021 for Graco
The company said that some of the increase in sales was a result of changes in currency exchange rates, which added $6m to the top line figure. But profits fell because the benefits of exchange rates, higher sales prices and production volumes could not offset higher costs. These came from the supply chain, where it also cited inflationary challenges.
In the company's iIndustrial business, which includes spray foam equipment, sales rose by 22.1% between the third quarter of 2020 and the third quarter of 2021, at $211m, up from $172.8m.
Operating earnings in the division rose by 20.6% to $73.3m in the third quarter of 2021. This compares with $61m in the equivalent period in 2020.
'Broad-based end market recovery continued in our industrial and process segments during the quarter with double-digit growth in all reportable regions,' said Mark Sheahan, Graco's CEO.
Looking ahead to the final quarter, he said: 'Demand levels for all segments remains strong across major end markets and product categories. We expect this to continue for the balance of the year.'