Published on 26 Apr 2024 on Zacks via Yahoo Finance

Graco (GGG) Q1 Earnings & Sales Miss Estimates, Decrease Y/Y

Graco Inc.’s GGG first-quarter 2024 adjusted earnings of 65 cents per share lagged the Zacks Consensus Estimate of 74 cents. The bottom line declined 12.2% year over year.The company’s net sales of $492.2 million missed the consensus estimate of $535 million. The top line also decreased 7% year over year due to decreasing demand in the Industrial, Process and Contractor segments.On a regional basis, quarterly sales generated from the Americas decreased 8% year over year. In Europe, the Middle East and Africa, sales increased 2% year over year. Sales from the Asia Pacific decreased 16% year over year.

Segmental Details

Revenues in the Industrial segment totaled $142 million (contributing to 28.9% of the quarter’s sales), decreasing 5% year over year. Our estimate for segmental revenues was $153.0 million. Core sales declined 5% year over year.Revenues in the Process segment grossed $120 million (contributing to 24.4% of the quarter’s sales), decreasing 10% year over year. Our estimate for the segment’s revenues was $142.7 million. Core sales declined 10% year over year.Revenues in the Contractor segment totaled $230 million (contributing to 46.7% of the quarter’s sales), down 6% year over year. Our estimate for segmental revenues was $241.3 million. Core sales declined 6% in the quarter.