Exhibit 99.1
 
 
GRACO INC.
ggg2017q4gracoa01.jpg
 
 
 
P.O. Box 1441
ggg2017q4newsreleasea01.jpg
Minneapolis, MN
55440-1441
NYSE: GGG
FOR IMMEDIATE RELEASE:
FOR FURTHER INFORMATION:
Monday, January 29, 2018
Financial Contact: Christian Rothe, 612-623-6205
Media Contact: Charlotte Boyd, 612-623-6153
Charlotte_M_Boyd@graco.com

Graco Reports 2017 Financial Results
Finishes Year with Double-digit Percentage Annual Sales Growth

MINNEAPOLIS (January 29, 2018) - Graco Inc. (NYSE: GGG) today announced results for the fourth quarter and year ended December 29, 2017.

Summary
$ in millions except per share amounts
 
Three Months Ended
 
Twelve Months Ended
 
Dec 29,
2017
 
Dec 30,
2016
 
%
Change
 
Dec 29,
2017
 
Dec 30,
2016
 
%
Change
Net Sales
$
374.9

 
$
349.1

 
7
%
 
$
1,474.7

 
$
1,329.3

 
11
%
Operating Earnings
76.2

 
(106.9
)
 
171
%
 
360.4

 
113.9

 
217
%
Net Earnings
36.4

 
(104.2
)
 
135
%
 
252.4

 
40.7

 
521
%
Diluted Net Earnings
per Common Share
$
0.21

 
$
(0.61
)
 
134
%
 
$
1.45

 
$
0.24

 
504
%
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted (non-GAAP) (1):
 
 
 
 
 
 
 
 
 
 
 
Operating Earnings, adjusted
$
88.3

 
$
85.1

 
4
%
 
$
372.5

 
$
305.9

 
22
%
Net Earnings, adjusted
59.4

 
57.2

 
4
%
 
249.4

 
202.1

 
23
%
Diluted Net Earnings per Common Share, adjusted
$
0.34

 
$
0.33

 
3
%
 
$
1.43

 
$
1.18

 
21
%
(1) Excludes impacts of non-recurring income tax adjustments, changes in accounting for stock compensation, and pension restructuring in 2017. Also excludes the effects of impairment charges recorded in 2016. See Financial Results Adjusted for Comparability below for a reconciliation of adjusted non-GAAP financial measures to GAAP.
Sales for the quarter increased in all segments and regions. There were 14 weeks in the fiscal fourth quarter of 2016 compared to 13 weeks in 2017. All segments finished with double-digit percentage growth for the year.
Gross margin rates for the quarter and year remained strong.
Increases in sales and earnings-based incentives, spending on growth initiatives and the pension settlement loss contributed to higher operating expenses in the fourth quarter of 2017.
Diluted earnings per share in 2017 include a benefit of $0.09 for the quarter and $0.21 for the year from a required change in accounting for stock compensation.
Non-recurring income tax adjustments reduced diluted earnings per share in 2017 by $0.17 for the quarter and $0.14 for the year.
2016 results included impairment charges that reduced diluted earnings per share for the quarter and year by $0.94.


More . . .


The following information was filed by Graco Inc (GGG) on Monday, January 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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