Graco Inc. (GGG) has reported a 53.55 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $60.73 million, or $1.05 a share in the quarter, compared with $39.55 million, or $0.70 a share for the same period last year. Revenue during the quarter grew 11.70 percent to $340.59 million from $304.91 million in the previous year period. Gross margin for the quarter expanded 133 basis points over the previous year period to 54.40 percent. Total expenses were 74.80 percent of quarterly revenues, down from 80.01 percent for the same period last year. This has led to an improvement of 521 basis points in operating margin to 25.20 percent.
Operating income for the quarter was $85.82 million, compared with $60.95 million in the previous year period.
"I am pleased with Graco's performance in the first quarter, where we achieved organic, constant currency growth in every region and reportable segment, as well as growth within every segment in every region," said Patrick J. McHale, Graco's president and chief executive officer. "Profitability was strong in the first quarter, reflecting improved sales volumes, increased gross margin performance and solid operating expense leverage. I would like to thank our employees, end users and channel partners around the world for their efforts to get the year off to a good start."
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