Graco Reports Record Sales and Operating Earnings
Sales Growth in All Segments
Graco Inc. (NYSE: GGG) today announced results for the second quarter ended June 29, 2018.
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Summary |
$ in millions except per share amounts
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Three Months Ended |
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Six Months Ended |
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Jun 29, |
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Jun 30, |
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% |
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Jun 29, |
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Jun 30, |
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% |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
Net Sales |
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$ |
424.6 |
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$ |
379.5 |
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12 |
% |
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$ |
830.9 |
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$ |
720.1 |
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15 |
% |
Operating Earnings |
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|
113.4 |
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|
100.4 |
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13 |
% |
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|
225.1 |
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|
187.8 |
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20 |
% |
Net Earnings |
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|
89.1 |
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|
79.8 |
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12 |
% |
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|
|
174.7 |
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|
140.6 |
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24 |
% |
Diluted Net Earnings per Common Share |
|
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$ |
0.51 |
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$ |
0.46 |
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|
11 |
% |
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$ |
1.00 |
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$ |
0.81 |
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23 |
% |
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Adjusted (non-GAAP): (1) |
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Net Earnings, adjusted |
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$ |
82.7 |
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$ |
66.2 |
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25 |
% |
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$ |
166.8 |
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$ |
123.4 |
|
|
35 |
% |
Diluted Net Earnings per Common Share, adjusted |
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$ |
0.48 |
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|
$ |
0.38 |
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|
26 |
% |
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$ |
0.96 |
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$ |
0.71 |
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|
35 |
% |
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(1) |
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Excludes impacts of excess tax benefits from stock option exercises. See Financial
Results Adjusted for Comparability below for a reconciliation of adjusted non-GAAP financial measures to GAAP. |
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- Sales for the quarter and year to date increased double-digit percentages with growth in all
segments. Favorable currency translation and acquired operations contributed a total of 6 percentage points of sales growth to
both the quarter and year to date.
- Gross margin rates remained strong, up slightly compared to the comparable periods last year.
- Operating expenses increased 12 percent for the quarter and year to date, including a total of 4
percentage points from currency translation and acquired operations.
- Other expense increased $4 million for the quarter and $3 million year to date, mostly due to
exchange losses on net assets of foreign operations.
- The effective income tax rate decreased by 1 percentage point for the quarter and 3 percentage points
for the year to date, as the net benefits of U.S. federal income tax reform were partially offset by the impact of decreases in
excess tax benefits from option exercises.
- Excess tax benefits from option exercises decreased compared to last year by $7 million for the
quarter and $9 million for the year to date.
"With the help of our employees and channel partners around the world, we again achieved record sales and operating earnings for
the quarter, led by growth in the Process and Contractor segments," said Patrick J. McHale, Graco's President and CEO. "Our
Industrial segment moderated in the quarter, however their year-to-date results were in line with our expectations. Profitability
remained strong in the second quarter, reflecting improved sales volumes, ongoing solid factory performance and good operating
expense leverage.”
Consolidated Results
Sales for the quarter increased 12 percent (9 percent at consistent translation rates), with increases of 11 percent in the
Americas, 11 percent in EMEA (4 percent at consistent translation rates) and 15 percent in Asia Pacific (10 percent at consistent
translation rates). Sales for the year to date increased 15 percent (12 percent at consistent translation rates), with increases of
11 percent in the Americas, 19 percent in EMEA (9 percent at consistent translation rates) and 25 percent in Asia Pacific (19
percent at consistent translation rates).
Changes in currency translation rates increased sales by approximately $9 million (3 percentage points) for the quarter and $23
million (3 percentage points) year to date. Acquired operations contributed 3 percentage points of sales growth for the quarter and
year to date, including 6 percentage points of growth in EMEA.
Gross profit margin rates improved slightly for the quarter and year to date. Favorable effects from currency translation and
realized pricing were mostly offset by the unfavorable effects of lower gross margins from acquired operations and changes in
product and channel mix.
Total operating expenses for the quarter increased $12 million (12 percent) compared to the second quarter last year. The
increase includes approximately $2 million related to currency translation, $2 million from acquired operations, $4 million of
increases in costs directly based on sales and earnings and a $1 million increase in market-driven share-based compensation.
Year-to-date operating expenses increased $25 million (12 percent) compared to the first half last year. The increase includes
approximately $5 million related to currency translation, $4 million from acquired operations, $9 million of increases in costs
directly based on sales and earnings and a $2 million increase in market-driven share-based compensation.
Other expense for the quarter and year to date includes $3 million and $2 million of exchange losses on net assets of foreign
operations, respectively, compared to small gains in the comparable periods last year.
The effective income tax rate was 15 percent for the quarter and 18 percent for the year to date, down 1 percentage point and 3
percentage points from the comparable periods last year, respectively. Adjusted to exclude the impact of excess tax benefits
related to stock option exercises (see Financial Results Adjusted for Comparability below), the effective income tax rate was
approximately 21½ percent for both the quarter and year to date, 9 percentage points lower than the comparable periods last year
due to the net effects of U.S. federal income tax reform legislation passed at the end of 2017.
Segment Results
Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses and
asset impairments. For a reconciliation of segment operating earnings to consolidated operating earnings, refer to the Segment
Information table included in the financial statement section of this release. Certain measurements of segment operations are
summarized below:
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Three Months |
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Six Months |
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Industrial |
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Process |
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Contractor |
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Industrial |
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Process |
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Contractor |
Net Sales (in millions) |
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$ |
190.5 |
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$ |
85.1 |
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$ |
149.1 |
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$ |
385.7 |
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$ |
165.1 |
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$ |
280.2 |
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Percentage change from last year |
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Sales |
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9 |
% |
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16 |
% |
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14 |
% |
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16 |
% |
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15 |
% |
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14 |
% |
Operating earnings |
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9 |
% |
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27 |
% |
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14 |
% |
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18 |
% |
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29 |
% |
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17 |
% |
Operating earnings as a percentage of sales |
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2018
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35 |
% |
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20 |
% |
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26 |
% |
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35 |
% |
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21 |
% |
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25 |
% |
2017
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35 |
% |
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18 |
% |
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26 |
% |
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35 |
% |
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19 |
% |
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24 |
% |
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Components of net sales change by geographic region for the Industrial segment were as follows:
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Three Months |
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Six Months |
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Volume and Price |
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Acquisitions |
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Currency |
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Total |
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Volume and Price |
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Acquisitions |
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Currency |
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Total |
Americas |
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4% |
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0% |
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0% |
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4% |
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6% |
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0% |
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0% |
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6% |
EMEA |
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(5)% |
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11% |
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7% |
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13% |
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2% |
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|
11% |
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11% |
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24% |
Asia Pacific |
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2% |
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5% |
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5% |
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12% |
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12% |
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6% |
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7% |
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25% |
Consolidated |
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1% |
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4% |
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4% |
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9% |
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6% |
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5% |
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5% |
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16% |
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Industrial segment sales growth included $8 million for the quarter and $17 million for the year to date from acquired
operations. Sales growth for the quarter was modest due to timing of finishing system sales and other project activity. Strong
finishing systems sales in the first quarter boosted year to date sales growth. Operating margin rates for the quarter and year to
date were consistent with comparable periods last year. The favorable effects of translation and product and channel mix were
offset by the effects of purchase accounting and lower operating margins in acquired operations.
Components of net sales change by geographic region for the Process segment were as follows:
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Three Months |
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Six Months |
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Volume and Price |
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Acquisitions |
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Currency |
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Total |
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Volume and Price |
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Acquisitions |
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Currency |
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Total |
Americas |
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16% |
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|
2% |
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0% |
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18% |
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|
14% |
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|
2% |
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0% |
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16% |
EMEA |
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(2)% |
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1% |
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|
5% |
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4% |
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(5)% |
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1% |
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6% |
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|
2% |
Asia Pacific |
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18% |
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|
1% |
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4% |
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|
23% |
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21% |
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1% |
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5% |
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27% |
Consolidated |
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13% |
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1% |
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2% |
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16% |
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11% |
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1% |
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3% |
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15% |
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The Process segment had sales growth in all product applications. Strong sales growth continued in the segment's Lubrication
division, and the Oil and Natural Gas division had solid growth in the second quarter. Operating margin rates for this segment
improved by 2 percentage points for both the quarter and year to date, driven by higher sales volume and expense leverage.
Components of net sales change by geographic region for the Contractor segment were as follows:
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Three Months |
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Six Months |
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Volume and Price |
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Acquisitions |
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Currency |
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Total |
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Volume and Price |
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|
Acquisitions |
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|
Currency |
|
|
Total |
Americas |
|
|
11% |
|
|
2% |
|
|
0% |
|
|
13% |
|
|
10% |
|
|
2% |
|
|
0% |
|
|
12% |
EMEA |
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|
4% |
|
|
0% |
|
|
8% |
|
|
12% |
|
|
10% |
|
|
0% |
|
|
11% |
|
|
21% |
Asia Pacific |
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|
22% |
|
|
0% |
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|
4% |
|
|
26% |
|
|
17% |
|
|
0% |
|
|
5% |
|
|
22% |
Consolidated |
|
|
11% |
|
|
1% |
|
|
2% |
|
|
14% |
|
|
11% |
|
|
1% |
|
|
2% |
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|
14% |
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Contractor segment sales increased in all channels. Operating margin rates for the quarter and year to date improved slightly
compared to the comparable periods last year. Favorable effects of translation and expense leverage were offset by increases in
volume and earnings-based incentive costs.
Outlook
"Demand remains broad-based across products and geographies," stated McHale. "We are holding to our outlook of mid-to-high
single-digit organic sales growth on a constant currency basis worldwide for the full year 2018. Although we anticipate second half
pressures from tariffs, material costs and currency, we are encouraged by the strong levels of demand in many of our key end
markets. As a result, we believe Graco is well positioned to deliver another record year of sales and earnings in 2018."
Financial Results Adjusted for Comparability
Excluding the impact of tax benefits related to stock option exercises presents a more consistent basis for comparison of
financial results. A calculation of the non-GAAP measurements of adjusted income taxes, effective income tax rates, net earnings
and diluted earnings per share follows (in millions except per share amounts):
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Three Months Ended |
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Six Months Ended |
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|
Jun 29, |
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Jun 30, |
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Jun 29, |
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Jun 30, |
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2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Earnings before income taxes |
|
|
$ |
105.2 |
|
|
|
$ |
95.6 |
|
|
|
$ |
212.7 |
|
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|
$ |
177.2 |
|
|
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|
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|
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Income taxes, as reported |
|
|
$ |
16.1 |
|
|
|
$ |
15.8 |
|
|
|
$ |
38.0 |
|
|
|
$ |
36.6 |
|
Excess tax benefit from option exercises |
|
|
|
6.4 |
|
|
|
|
13.6 |
|
|
|
|
7.9 |
|
|
|
|
17.2 |
|
Income taxes, adjusted |
|
|
$ |
22.5 |
|
|
|
$ |
29.4 |
|
|
|
$ |
45.9 |
|
|
|
$ |
53.8 |
|
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Effective income tax rate |
|
|
|
|
|
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|
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As reported |
|
|
|
15.3 |
% |
|
|
|
16.5 |
% |
|
|
|
17.9 |
% |
|
|
|
20.7 |
% |
Adjusted |
|
|
|
21.4 |
% |
|
|
|
30.7 |
% |
|
|
|
21.6 |
% |
|
|
|
30.4 |
% |
|
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|
|
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|
|
|
|
|
|
|
|
Net Earnings, as reported |
|
|
$ |
89.1 |
|
|
|
$ |
79.8 |
|
|
|
$ |
174.7 |
|
|
|
$ |
140.6 |
|
Excess tax benefit from option exercises |
|
|
|
(6.4 |
) |
|
|
|
(13.6 |
) |
|
|
|
(7.9 |
) |
|
|
|
(17.2 |
) |
Net Earnings, adjusted |
|
|
$ |
82.7 |
|
|
|
$ |
66.2 |
|
|
|
$ |
166.8 |
|
|
|
$ |
123.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Diluted Shares |
|
|
|
173.3 |
|
|
|
|
173.8 |
|
|
|
|
174.5 |
|
|
|
|
173.5 |
|
Diluted Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
|
|
$ |
0.51 |
|
|
|
$ |
0.46 |
|
|
|
$ |
1.00 |
|
|
|
$ |
0.81 |
|
Adjusted |
|
|
$ |
0.48 |
|
|
|
$ |
0.38 |
|
|
|
$ |
0.96 |
|
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
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Cautionary Statement Regarding Forward-Looking Statements
The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private
Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms
filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other
disclosures, including our 2017 Overview report, press releases, earnings releases, analyst briefings, conference calls and other
written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements
generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar
expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking
statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may
cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no
obligation to update these statements in light of new information or future events.
Future results could differ materially from those expressed due to the impact of changes in various factors. These risk factors
include, but are not limited to: our Company’s growth strategies, which include making acquisitions, investing in new products,
expanding geographically and targeting new industries; economic conditions in the United States and other major world economies;
changes in tax rates or the adoption of new tax legislation; changes in currency translation rates; changes in laws and
regulations; compliance with anti-corruption and trade laws; new entrants who copy our products or infringe on our intellectual
property; risks incident to conducting business internationally; the ability to meet our customers’ needs and changes in product
demand; supply interruptions or delays; security breaches; the possibility of asset impairments if acquired businesses do not meet
performance expectations; political instability; results of and costs associated with litigation, administrative proceedings and
regulatory reviews incident to our business; the possibility of decline in purchases from a few large customers of the Contractor
segment; variations in activity in the construction, automotive, mining and oil and natural gas industries; our ability to attract,
develop and retain qualified personnel; and catastrophic events. Please refer to Item 1A of our Annual Report on Form 10-K for
fiscal year 2017 (and most recent Form 10-Q) for a more comprehensive discussion of these and other risk factors. These reports are
available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov . Shareholders, potential investors and other readers are urged to
consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements.
Investors should realize that factors other than those identified above and in Item 1A might prove important to the Company’s
future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s
operations in the future as new factors can develop from time to time.
Conference Call
Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on
Thursday, July 26, 2018, at 11 a.m. ET, 10 a.m. CT, to discuss Graco’s second quarter results.
A real-time webcast of the conference call will be broadcast live over the internet. Individuals wanting to listen and view
slides can access the call at the Company’s website at www.graco.com . Listeners should go to the website at least 15 minutes prior to the
live conference call to install any necessary audio software.
For those unable to listen to the live event, a replay will be available soon after the conference call at Graco’s website, or
by telephone beginning at approximately 2 p.m. ET on July 26, 2018, by dialing 888-203-1112, Conference ID #4411660, if calling
within the U.S. or Canada. The dial-in number for international participants is 719-457-0820, with the same Conference ID #. The
replay by telephone will be available through July 30, 2018.
About Graco
Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial
applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and
powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the
manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at
www.graco.com or on Twitter @GracoInc.
|
GRACO INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) |
(In thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
Jun 29, |
|
|
Jun 30, |
|
|
Jun 29, |
|
|
Jun 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Net Sales |
|
|
$ |
424,570 |
|
|
$ |
379,483 |
|
|
$ |
830,918 |
|
|
$ |
720,073 |
Cost of products sold |
|
|
|
194,667 |
|
|
|
174,973 |
|
|
|
378,594 |
|
|
|
329,718 |
Gross Profit |
|
|
|
229,903 |
|
|
|
204,510 |
|
|
|
452,324 |
|
|
|
390,355 |
Product development |
|
|
|
16,112 |
|
|
|
14,662 |
|
|
|
31,401 |
|
|
|
28,921 |
Selling, marketing and distribution |
|
|
|
62,949 |
|
|
|
55,583 |
|
|
|
125,471 |
|
|
|
109,972 |
General and administrative |
|
|
|
37,464 |
|
|
|
33,855 |
|
|
|
70,378 |
|
|
|
63,617 |
Operating Earnings |
|
|
|
113,378 |
|
|
|
100,410 |
|
|
|
225,074 |
|
|
|
187,845 |
Interest expense |
|
|
|
3,891 |
|
|
|
4,154 |
|
|
|
7,124 |
|
|
|
8,209 |
Other expense, net |
|
|
|
4,251 |
|
|
|
652 |
|
|
|
5,286 |
|
|
|
2,457 |
Earnings Before Income Taxes |
|
|
|
105,236 |
|
|
|
95,604 |
|
|
|
212,664 |
|
|
|
177,179 |
Income taxes |
|
|
|
16,096 |
|
|
|
15,776 |
|
|
|
38,014 |
|
|
|
36,619 |
Net Earnings |
|
|
$ |
89,140 |
|
|
$ |
79,828 |
|
|
$ |
174,650 |
|
|
$ |
140,560 |
Net Earnings (Loss) per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.53 |
|
|
$ |
0.48 |
|
|
$ |
1.04 |
|
|
$ |
0.84 |
Diluted |
|
|
$ |
0.51 |
|
|
$ |
0.46 |
|
|
$ |
1.00 |
|
|
$ |
0.81 |
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
167,260 |
|
|
|
167,404 |
|
|
|
168,166 |
|
|
|
167,354 |
Diluted |
|
|
|
173,265 |
|
|
|
173,782 |
|
|
|
174,457 |
|
|
|
173,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION (Unaudited) |
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
Jun 29, |
|
|
Jun 30, |
|
|
Jun 29, |
|
|
Jun 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial |
|
|
$ |
190,459 |
|
|
|
$ |
174,868 |
|
|
|
$ |
385,655 |
|
|
|
$ |
331,258 |
|
Process |
|
|
|
85,059 |
|
|
|
|
73,399 |
|
|
|
|
165,094 |
|
|
|
|
143,428 |
|
Contractor |
|
|
|
149,052 |
|
|
|
|
131,216 |
|
|
|
|
280,169 |
|
|
|
|
245,387 |
|
Total |
|
|
$ |
424,570 |
|
|
|
$ |
379,483 |
|
|
|
$ |
830,918 |
|
|
|
$ |
720,073 |
|
Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial |
|
|
$ |
67,030 |
|
|
|
$ |
61,596 |
|
|
|
$ |
136,155 |
|
|
|
$ |
115,331 |
|
Process |
|
|
|
17,065 |
|
|
|
|
13,418 |
|
|
|
|
34,767 |
|
|
|
|
26,881 |
|
Contractor |
|
|
|
38,382 |
|
|
|
|
33,759 |
|
|
|
|
69,793 |
|
|
|
|
59,778 |
|
Unallocated corporate (expense) |
|
|
|
(9,099 |
) |
|
|
|
(8,363 |
) |
|
|
|
(15,641 |
) |
|
|
|
(14,145 |
) |
Total |
|
|
$ |
113,378 |
|
|
|
$ |
100,410 |
|
|
|
$ |
225,074 |
|
|
|
$ |
187,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Management's Discussion and Analysis are available in
our Quarterly Report on Form 10-Q on our website at www.graco.com .
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180725005815r1&sid=mstr1&distro=nx&lang=en)
Graco Inc.
Financial Contact:
Mark Sheahan, 612-623-6656
or
Media Contact:
Charlotte Boyd, 612-623-6153
Charlotte_M_Boyd@graco.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180725005815/en/