Graco公布2026年二季度业绩，EPS超预期但收入低于预期且全年指引未上修

Graco Reports Record Second Quarter Sales and Operating Earnings
Growth in All Segments
Summary
$ in millions except per share amounts
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Three Months Ended |
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Six Months Ended |
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% Change |
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% Change |
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$ |
590.6 |
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$ |
571.8 |
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3 |
% |
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$ |
1,130.7 |
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$ |
1,100.1 |
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3 |
% |
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Operating Earnings |
|
175.1 |
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|
157.5 |
|
11 |
% |
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|
312.9 |
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|
301.5 |
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4 |
% |
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Net Earnings |
|
144.9 |
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|
127.6 |
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14 |
% |
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263.4 |
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|
251.7 |
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5 |
% |
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Diluted Net Earnings per Common Share |
$ |
0.87 |
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$ |
0.76 |
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14 |
% |
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$ |
1.58 |
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$ |
1.48 |
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7 |
% |
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Adjusted (non-GAAP): (1) |
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Operating Earnings, adjusted |
$ |
183.2 |
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$ |
164.4 |
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11 |
% |
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$ |
329.3 |
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$ |
315.8 |
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4 |
% |
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Net Earnings, adjusted |
$ |
151.0 |
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$ |
131.9 |
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15 |
% |
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$ |
269.2 |
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$ |
258.0 |
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4 |
% |
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Diluted Net Earnings per Common Share, adjusted |
$ |
0.91 |
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$ |
0.78 |
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17 |
% |
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$ |
1.61 |
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$ |
1.52 |
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6 |
% |
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(1) Adjusted operating earnings, adjusted net earnings and adjusted diluted net earnings per common share reflect the Company's updated non-GAAP methodology. See Financial Results Adjusted for Comparability below for additional information. |
- Net sales for the second quarter increased 3 percent, primarily driven by acquired operations.
- Operating earnings increased 11 percent for the second quarter, primarily due to a higher gross margin rate benefiting from the receipt of tariff refunds and lower operating expenses.
-
Diluted net earnings per share increased 14 percent for the second quarter, reflecting higher operating earnings, lower exchange losses on net assets of foreign operations, and the impact of share repurchases. The Company repurchased
$315 million of shares in the second quarter and repurchased$331 million of shares for the year to date.
“Graco delivered record quarterly sales and operating earnings in the second quarter, driven by momentum across all three segments,” said
“Organic incoming orders increased at a mid-single-digit rate during the second quarter, with orders across all segments up low single digits year to date, reflecting continued improvement in demand trends across the business. Improving market conditions, growing project activity and commercial initiatives give us confidence in the second half of the year to maintain our guidance for low single-digit organic sales growth on a constant-currency basis and mid-single-digit sales growth including acquisitions. We are also initiating third-quarter total company sales guidance of
Consolidated and Segment Results
For a discussion of the Company's consolidated and segment results for the second quarter and year to date ended
Financial Results Adjusted for Comparability
Beginning in the second quarter of 2026, the Company updated its non-GAAP adjusted measurements to exclude acquisition costs and amortization of acquired intangible assets. The Company excludes acquisition costs and amortization of acquired intangible assets to provide a consistent comparison of operating results across reporting periods. While the Company has a history of acquisition activity, the Company's acquisitions do not occur on a predictable cycle, and transactions vary in complexity, timing, size and nature. Acquisition costs include third-party legal, valuation, consulting and other incremental costs incurred in connection with acquisition activities as well as purchase accounting adjustments. Management uses these adjusted measures to evaluate operating performance and, for acquisition costs, in determining incentive compensation. These excluded items to the non-GAAP adjusted measurements provide supplemental information useful in evaluating the Company's underlying operating performance. Prior-period amounts have been recast to conform to the current presentation.
Excluding the impact of acquisition costs, amortization of acquired intangible assets, the related income tax effects of these items and excess tax benefits from stock option exercises presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of operating earnings, earnings before income taxes, income taxes, effective income tax rate, net earnings and diluted earnings per share follows (in millions except per share amounts):
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Three Months Ended |
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Six Months Ended |
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Operating earnings, as reported |
$ |
175.1 |
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$ |
157.5 |
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$ |
312.9 |
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$ |
301.5 |
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Acquisition costs |
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2.5 |
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0.3 |
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3.1 |
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1.0 |
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Amortization of acquired intangible assets |
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5.6 |
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6.6 |
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13.3 |
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13.3 |
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Operating earnings, adjusted |
$ |
183.2 |
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$ |
164.4 |
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$ |
329.3 |
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$ |
315.8 |
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Earnings before income taxes, as reported |
$ |
181.5 |
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$ |
158.2 |
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$ |
321.5 |
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$ |
309.7 |
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Acquisition costs |
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2.5 |
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0.3 |
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3.1 |
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1.0 |
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Amortization of acquired intangible assets |
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5.6 |
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6.6 |
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13.3 |
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13.3 |
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Earnings before income taxes, adjusted |
$ |
189.6 |
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$ |
165.1 |
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$ |
337.9 |
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$ |
324.0 |
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Income taxes, as reported |
$ |
36.5 |
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$ |
30.6 |
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$ |
58.1 |
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$ |
58.0 |
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Tax impact of acquisition costs |
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0.5 |
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0.1 |
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0.7 |
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0.2 |
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Tax impact of amortization of acquired intangible assets |
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1.4 |
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1.8 |
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3.2 |
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3.4 |
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Excess tax benefit from option exercises |
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0.1 |
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0.7 |
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6.7 |
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4.4 |
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Income taxes, adjusted |
$ |
38.5 |
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$ |
33.2 |
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$ |
68.7 |
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$ |
66.0 |
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Effective income tax rate |
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As reported |
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20.1 |
% |
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19.3 |
% |
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18.1 |
% |
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18.7 |
% |
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Adjusted |
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20.4 |
% |
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20.1 |
% |
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20.3 |
% |
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20.4 |
% |
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Net Earnings, as reported |
$ |
144.9 |
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$ |
127.6 |
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$ |
263.4 |
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$ |
251.7 |
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Acquisition costs, net of tax |
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2.0 |
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0.2 |
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2.4 |
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0.8 |
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Amortization of acquired intangible assets, net of tax |
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4.2 |
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4.8 |
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10.1 |
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9.9 |
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Excess tax benefit from option exercises |
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(0.1 |
) |
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(0.7 |
) |
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(6.7 |
) |
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(4.4 |
) |
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Net Earnings, adjusted |
$ |
151.0 |
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$ |
131.9 |
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$ |
269.2 |
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$ |
258.0 |
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Weighted Average Diluted Shares |
|
165.7 |
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|
168.6 |
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|
167.0 |
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|
170.1 |
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Diluted Earnings per Share |
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As reported |
$ |
0.87 |
|
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$ |
0.76 |
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$ |
1.58 |
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$ |
1.48 |
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Adjusted |
$ |
0.91 |
|
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$ |
0.78 |
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$ |
1.61 |
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$ |
1.52 |
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Cautionary Statement Regarding Forward-Looking Statements
The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2025 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these sta