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GRACO REPORTS SLOWING REVENUE GROWTH; REDUCED EARNINGS EXPECTATIONS

GRACO REPORTS SLOWING REVENUE GROWTH; REDUCED EARNINGS EXPECTATIONS
 MINNEAPOLIS, Sept. 25 /PRNewswire/ -- Graco Inc. (NYSE: GGG) announced today that it expects the company's net earnings for its fiscal third quarter ended September 25, 1992 to be below published analysts' estimates for the period, and will likely not exceed last year's third quarter net earnings of $3,079,000, or 40 cents per share.
 In making the announcement, Company Chairman David A. Koch said, "We are seeing a slowing of the economic recovery in several of our U.S. markets and a distinct downturn in business activity in Japan. Contractor equipment sales in the Americas, which were up dramatically during the first half of the year, have slowed during the third quarter. They continue, however, to be ahead of last year's levels. Our engineered systems business remains very soft in the U.S., as capital investment activity by the auto industry and other durable goods producers remains limited."
 Excluding the company's recently divested robotics and LTI operations, consolidated sales of continuing core businesses were up 12 percent for the first six months of 1992 compared with the same period in 1991.
 "We have experienced some further reduction in the company's backlog of orders for delivery in 1992. As a result of this decline in backlog and slowing incoming business, we currently anticipate fourth quarter earnings to remain under pressure," Koch said.
 Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and apply fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries.
 -0- 9/25/92
 /CONTACT: Roger L. King, 612-623-6700 or David L. Schoeneck, 612-623-6679, both of Graco/
 (GGG) CO: Graco Inc. ST: Minnesota IN: SU:


KH -- MN012 -- 3585 09/25/92 15:04 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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