UPDATE 1-Graco Q3 results top Wall Street view
* Q3 EPS $0.50 vs est $0.39
* Q3 revenue up 29 pct
Oct 20 (Reuters) - Graco Inc (GGG.N), a maker of fluid-handling systems and components, posted strong third-quarter results that beat market estimates, driven by increased sales across its segments, and said it is optimistic that the global industrial recovery will continue.
Graco, which has significant exposure to the construction and automotive markets, however, said it expects construction markets in the United States and parts of Europe to remain difficult for the near term.
For the quarter ended Sept. 24, Graco posted net income of $30.4 million, or 50 cents a share, compared with $17.3 million, or 29 cents a share, a year ago.
The company, which operates in three segments -- industrial, contractor and lubrication -- reported a 29 percent rise in sales at $190 million.
Analysts on average were expecting the company to earn 39 cents a share, before special items, on revenue of $180.6 million, according to Thomson Reuters I/B/E/S.
Sales at the industrial and contractor segments increased 27 percent.
The company, which was founded in 1926, competes with WW Grainger Inc (GWW.N), Fastenal Co (FAST.O) and Roper Industries Inc (ROP.N).
Graco provides equipment for protective coating, lubrication and dispensing sealants and adhesives, along with power application equipment for the contractor industry.
Shares of the Minneapolis, Minnesota-based company closed at $34.23 Wednesday on the New York Stock Exchange. They have risen about 12 percent since reporting second-quarter results in July. (Reporting by Fareha Khan in Bangalore; Editing by Vinu Pilakkott)
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Freescale loss in Malaysia tragedy leads to travel policy questions