Welcome to our dedicated page for Graco news (Ticker: GGG), a resource for investors and traders seeking the latest updates and insights on Graco stock.
Graco Inc. (NYSE: GGG) is a globally recognized leader in fluid handling systems and components. Founded in 1926, the Minnesota-based company excels in providing technology and expertise for managing fluids in both industrial and commercial applications. Graco designs, manufactures, and markets systems and equipment that move, measure, control, dispense, and spray fluid materials. The company's offering includes pumps, valves, meters, sprayers, and equipment for applying coatings, sealants, and adhesives, specializing in difficult-to-handle materials.
Graco's operations are segmented into three main categories: Industrial, Process, and Contractor. The Industrial segment focuses on products used in manufacturing and assembly processes, while the Process segment deals with fluid handling systems for industries such as oil, gas, and food & beverage. The Contractor segment serves professionals and do-it-yourselfers in the construction and home improvement sectors.
The company maintains an aggressive strategy for designing and developing new products, underpinning its commitment to innovation. By leveraging a worldwide network of distributors and other channels, Graco ensures its products reach a diverse customer base. The company is also focused on expanding into new markets through continuous product development and strategic acquisitions.
In 2023, Graco generated approximately $2.2 billion in sales, reflecting its strong market presence and the effectiveness of its business strategies. Recent achievements include the successful launch of new product lines and improvements in existing technologies. Graco's partnerships and collaborations further bolster its market position, enabling the firm to meet the evolving needs of its customers efficiently.
With a clear focus on quality and reliability, Graco continuously strives to deliver superior fluid handling solutions that enhance productivity and performance across various industries, including automotive, industrial, and construction.
Graco (NYSE: GGG) announced its Q2 2024 results on June 28. Key metrics include:
Net Sales: $553.2M, down 1% YoY. Operating Earnings: $161.4M, up 3% YoY. Net Earnings: $133M, down 1% YoY. Diluted EPS: $0.77, down 1% YoY. Year-to-date figures show a 4% decline in net sales and a 3% drop in net earnings. Adjusted net earnings for Q2 increased 3%.
Sales Segments:
- Contractor: Sales up 5% due to new product launches.
- Industrial: Sales down 5%, impacted by weak Asia Pacific markets.
- Process: Sales down 9%, affected by soft semiconductor and industrial lubrication markets.
Geographical Performance:
- Americas: Sales up 5%.
- EMEA: Sales down 6%.
- Asia Pacific: Sales down 18%.
Gross Profit Margin: Improved by 2 percentage points for Q2. Operating expenses rose 4% due to new distribution center relocation and product development costs. The company lowered its FY 2024 outlook to low single-digit sales decline.
Graco Inc. (NYSE:GGG) has launched the E-Mix XT™, an innovative all-electric, two-component spray technology. This new system offers superior efficiency and ease of use for professionals in fluid handling. Key features include:
- Electric variable ratio adjustable from 1:1 to 6:1
- SmartSync™ Control System with touchscreen interface
- RatioGuard Protection for real-time monitoring
- FastClean™ Technology for quick cleaning
- Quiet, high-torque Xtreme Torque™ motors
- Dual Endurance® pumps with ProConnect®
The E-Mix XT eliminates the need for air compressors, providing a quieter and more energy-efficient solution. It's available in 'Standard' and 'Pro' series, catering to different application needs.
Graco Inc. (NYSE:GGG) has launched the TrueCoat 360® Cordless Connect™, an innovative airless painting system that connects to cordless drills. This new product aims to provide faster painting with a high-quality finish, reducing the mess associated with traditional brushing and rolling methods.
The system is designed for both indoor and outdoor projects, including doors, trim, walls, fences, and sheds. It offers the convenience of cordless operation while delivering Graco's TrueAirless® experience, which includes TRUEQUALITY™, TRUESPEED™, and TRUECONTROL™ features. This launch expands Graco's TrueCoat 360 family, allowing DIY enthusiasts to utilize their existing power tools for painting projects.
Graco (NYSE:GGG) has announced the launch of its Ultra XT and Mark XT Airless Sprayers, featuring the Xtreme Torque™ Brushless Motor. This new motor provides up to 15 times more torque and operates 90% slower than traditional motors, making it the quietest airless sprayer available—up to 10 times quieter. The sprayers also include Rapid-Response™ Pressure Control, delivering the industry's widest and steadiest pressure. Equipped with the Endurance™ Vortex® Pump, these sprayers promise up to three times longer life and reduced downtime and operating expenses. The advanced design aims to enhance productivity and provide a superior painting experience.
Graco (NYSE: GGG) has announced that it will release its Second Quarter 2024 earnings report after market close on July 24, 2024. The full earnings announcement will be available on the company's website. Following the release, Graco management will host a conference call with analysts and institutional investors on July 25, 2024, at 11 a.m. ET / 10 a.m. CT to discuss the results. The call will feature a webcast with slides and can be accessed live via the company's website. A replay will also be available for those who cannot attend the live session.
Graco's Board of Directors has declared a regular quarterly dividend of $0.255 per common share. This dividend will be payable on August 7, 2024, to shareholders of record by the close of business on July 22, 2024. Graco currently has about 169 million shares outstanding.
This announcement reflects the company's ongoing commitment to returning value to its shareholders through regular dividend payments.
Graco (NYSE: GGG) has launched Pulse® Asset, a new extension of its Pulse Pro Fluid Management system designed for manufacturing facilities. This platform-based system uses programmable ID tags to track fluid dispenses by recording details such as which machines are filled, fluid quantity, operator identity, and dispensing time. Pulse Asset can store up to 40 dispenses offline and syncs with Pulse HUB for data access via local networks, eliminating manual record-keeping. The system aims to enhance efficiency, reduce human error, and improve accountability in fluid management.
Tennant Company (NYSE: TNC) has appointed Mark W. Sheahan, President and CEO of Graco Inc. (NYSE: GGG), to its Board of Directors, effective May 15, 2024. Sheahan brings nearly three decades of experience in global manufacturing, strategic growth, technology-driven product development, and financial strategy. Dave Huml, Tennant's President and CEO, expressed confidence that Sheahan's expertise will significantly contribute to the company's long-term success. Tennant Company, a leader in cleaning solutions, reported $1.24 billion in sales in 2023 and employs approximately 4,500 people worldwide.
FAQ
What is the current stock price of Graco (GGG)?
What is the market cap of Graco (GGG)?
What does Graco Inc. specialize in?
When was Graco Inc. founded?
What are the main business segments of Graco Inc.?
What markets does Graco Inc. serve?
How much revenue did Graco Inc. generate in 2023?
How does Graco distribute its products?
What is Graco Inc.'s approach to product development?
What types of materials does Graco Inc. equipment handle?
Where is Graco Inc. headquartered?
What recent achievements has Graco Inc. made?
