Graco Inc. (NYSE: GGG), Minneapolis, MN, reported sales for the first quarter of $304.9 million, a 1 percent decrease from the same period a year ago. Profit decreased 42.5 percent to $39.6 million.
"First quarter sales continued to show variability between regions and product lines, similar with the quarter to quarter variability we have experienced during the last couple of years," said Patrick McHale, president and CEO. "February was notably weak, particularly in the Americas, with double-digit declines in incoming order rates across most product categories. Order rates normalized in March and have continued to hold through the beginning of the second quarter."
