Graco Inc. (Minneapolis, MN), a manufacturer of equipment for industrial and commercial coatings and other fluids, announced third quarter sales of $147.3 million, down 29% from Q3 2008, but up 7% from Q1 2009 and holding steady with Q2 2009. Net earnings for the third quarter were down 47% to $17.3 million from the third quarter of 2008.
For Q3 2009, sales decreased 25% in the Americas, 39% in Europe (36% at consistent translation rates), and 25% in Asia Pacific. In the industrial segment, sales were $78.2 million for the quarter, down 34% from 2008. The contractor segment saw a sales decrease of 18% to $55.4 million. The lubrication segment fell to $13.7 million, down by 37%.
According to Patrick J. McHale, president and CEO, the company reduced long-term debt by $73 million and also made a $15 million tax-deductible contribution to the benefit pension plan. He stated, “While sales remain low compared to last year, we are pleased with the improvement in profitability over the most recent two quarters of 2009.”