Graco Q1 Results Miss View

(RTTNews) - Graco Inc. (GGG) reported that its net earnings for the first-quarter declined to $72.82 million or $0.42 per share from $86.75 million or $0.51 per share last year.

Adjusted net income was $0.38 compared to $0.47 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter were $373.57 million down from $404.87 million last year. Analysts expected revenue of $391.35 million for the quarter.

The company has withdrawn its 2020 revenue guidance for the remainder of the year, due to economic uncertainty caused by the Covid-19 pandemic.