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January 30, 2007
Graco 4Q Profit Rises 10 Percent
From the AP:
Graco Inc. (GGG), which makes pressure washers and pumps for industrial uses, on Monday said fourth-quarter profit increased 10 percent as growth in its industrial and lubrication equipment segments offset slightly lower sales of contractor products.
Net income grew to $35.6 million, or 52 cents per share, from $32.3 million, or 46 cents per share, a year earlier.
Sales expanded 10 percent to $203.4 million from $185.6 million.
By segment, fourth-quarter contractor equipment sales fell 2 percent to $71 million. While the segment's sales in Europe and Asia rose, sales in the Americas fell, reflecting a weak U.S. housing market. Sales of industrial equipment rose 14 percent at the same time to $110.6 million. Lubrication equipment sales jumped 40 percent to $21.8 million.
Analysts polled by Thomson Financial forecast earnings of 52 cents per share and sales of $205.8 million.
Graco said that a weaker U.S. dollar in 2006 compared with 2005 boosted sales and earnings.
For the full year, net income increased to $149.8 million, or $2.17 per share, from $125.9 million, or $1.80 per share. Sales rose to $816.5 million from $731.7 million a year earlier.
Posted by edelfenbein at January 30, 2007 8:44 AM
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