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Graco results miss Street on European woes
July 25, 2012 / 9:19 PM / 5 years ago

Graco results miss Street on European woes

* Q2 EPS $0.56 vs est $0.68

* Q2 sales $268.2 mln vs est $283.3 mln

July 25 (Reuters) - Graco Inc, a maker of fluid-handling systems and components, posted lower-than-expected quarterly results on weak demand in Europe.

Net income fell to $34.4 million, or 56 cents per share for the second quarter ended June 29, from $38.1 million, or 61 cents per share, a year ago.

Sales at Graco, which makes equipment that applies paint and other finishes to a broad range of manufactured goods, jumped 14 percent to $268.2 million.

Analysts on average had expected earnings of 68 cents per share on revenue of $283.3 million, according to Thomson Reuters I/B/E/S.

Sales at the industrial business -- Graco’s largest segment -- decreased 6 percent in Europe, while those at the contractor segment dropped 12 percent.

Shares of Minneapolis, Minnesota-based Graco, which has a market value of $2.55 billion, closed at $42.38 on Wednesday on the New York Stock Exchange. (Reporting by Ritika Rai in Bangalore; Editing by Maju Samuel)

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