GGG - Graco Inc. (GGG) Q2 2024 Earnings Call Transcript
2024-07-25 16:38:09 ET
Graco Inc. (GGG)
Q2 2024 Earnings Conference Call
July 25, 2024, 11:00 AM ET
Company Participants
Christopher Knutson - EVP, Corporate Controller
Mark Sheahan - President, CEO and Director
David Lowe - CFO and Treasurer
Conference Call Participants
Deane Dray - RBC Capital Markets
Mike Halloran - Baird
Saree Boroditsky - Jefferies
Bryan Blair - Oppenheimer
Jeff Hammond - KeyBanc Capital Markets
Joe Ritchie - Goldman Sachs
Ross Sparenblek - William Blair
Matt Summerville - D.A. Davidson
Andrew Buscaglia - BNP Paribas
Presentation
Operator
Good morning, and welcome to the Second Quarter Conference Call for Graco Inc. If you wish to access the replay for this call, you may do so by visiting the company website at www.graco.com. Graco has additional information available in a PowerPoint slide presentation, which is available as part of the webcast player. At the request of the company, we will open the conference up for questions-and-answers after the opening remarks from management.
During this call, various remarks may be made by management about their expectations, plans and prospects for the future. These remarks constitute forward-looking statements for the purposes of the Safe Harbor provisions of the Private Securities Litigation Reform Act.
Actual results may differ materially from those indicated as a result of various risk factors, including those identified in Item 1A of the company's 2023 Annual Report on Form 10-K and in Item 1A of the company's most recent Quarterly Reports on Form 10-Q. These reports are available on the company's website at www.graco.com, and the SEC's website at www.sec.gov. Forward-looking statements reflect management's current views and speak only as of the time they are made. The company undertakes no obligation to update these statements in light of new information or future events.
I will now turn the conference over to Chris Knutson, Executive Vice President, Corporate Controller.
Christopher Knutson
Good morning, everyone, and thank you for joining our call. I'm here today with Mark Sheahan and David Lowe. I will provide a brief overview of our quarterly results before turning the call over to Mark for additional commentary.
Yesterday, Graco reported second quarter sales of $553 million, a decrease of 1% from the same quarter last year. Reported net earnings decreased 1% to $133 million, or $0.77 per diluted share. Excluding the impact of excess tax benefits from stock option exercises, adjusted non-GAAP net earnings were $132 million, or $0.77 per diluted share, an increase of 3%. The effect of currency translation had no significant impact on sales or net earnings for the quarter....
Graco Inc. (GGG) Q2 2024 Earnings Call Transcript