Graco (GGG) Misses Q1 EPS by 6c

Graco (NYSE: GGG) reported Q1 EPS of $0.70, $0.06 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $304.9 million versus the consensus estimate of $309.3 million.

"Despite softness in the first quarter, we maintain our outlook for the full year of low to mid single-digit organic constant currency growth for Graco worldwide and expect growth in every region and reportable segment," said Patrick J. McHale, Graco's President and CEO. "We expect the Americas to generate mid single-digit growth, and the EMEA and Asia Pacific regions to generate low single-digit growth. There is some risk in our Process segment outlook, reflecting continued headwinds in the oil and natural gas market, however we continue to believe this segment will achieve organic constant currency growth in 2016. While we are mindful of opportunities to reduce discretionary spending, our intent is to press forward with investments in our growth initiatives and we are confident these initiatives will provide a solid long-term return to our shareholders."

For earnings history and earnings-related data on Graco (GGG) click here.

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