GGG - Graco Inc. (GGG) Q4 2023 Earnings Call Transcript
2024-01-30 18:36:05 ET
Graco Inc. (GGG)
Q4 2023 Earnings Conference Call
January 30, 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
Michael Halloran - Baird
Saree Boroditsky - Jefferies
Joe Ritchie - Goldman Sachs
Jeff Hammond - KeyBanc Capital Markets
Matt Summerville - D.A. Davidson
Andrew Buscaglia - BNP
Presentation
Operator
Good morning, and welcome to the Fourth Quarter Conference Call for Graco Inc. If you wish to access a replay for this call, you may do so by visiting the company's website at www.graco.com. Graco has additional information available in the 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 future. These remarks constitute forward-looking statements for the purpose of the safe harbor provision of the Private Securities Litigation Reform Act. Actual results may differ materially from those indicated as a result of the various risk factors, including those identified in Item 1A of the company's 2022 Annual Report on the Form 10-K and Item 1A of the company's most recent quarterly report 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 fourth quarter sales of $567 million, an increase of 2% from the fourth quarter of last year. The effect of currency translation increased sales by one percentage point or approximately $6 million. Reported net earnings decreased 13% to $110 million for the quarter or $0.64 per diluted share. In December, the company transferred $147 million of its pension obligations to an insurance company through the purchase of an annuity contract....
Graco Inc. (GGG) Q4 2023 Earnings Call Transcript