Graco Inc. (GGG) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 28, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the first quarter conference call for Graco Inc. If you wish to access the replay for this call you may do so by dialing 1-855-859-2056 within United States or Canada. The dial-in number for international callers is 404-537-3406. The conference ID number is 2464642. The replay will be available through 2:00 PM Eastern time Thursday May 5, 2022. Graco has additional information available in a PowerPoint slide presentation, which is available as part of the webcast player.

At the request of the company we will open the conference up for questions and answers after the opening remarks from management. During this call various remarks may be made by management about their expectations, plans and prospects for the future. These remarks constitute forward-looking statements for the purpose of the safe harbor provisions of the Private Securities Litigation Reform Act. Actual results may differ materially from those indicated as a result of various risk factors, including those identified in Item 1A of the company's 2021 annual report on Form 10-K and in Item 1A of the company's most recent quarterly report on Form 10-Q. These reports are available on the company's website at www.graco.com and the SEC's website at www.sec.gov.

Forward-looking statements reflect management's current views and speak only of the time they are made. The company undertakes no obligation to update these statements in light of new information or future events.

I will now turn the conference over to Kathy Schoenrock, Executive Vice President, Corporate Controller and Information Systems.

Kathy Schoenrock

Thank you, and good morning, everyone. I'm here today with Mark Sheahan and David Lowe. I will provide a brief overview of our quarterly results before turning the call over to Mark for additional discussion. Our conference call slides have been posted on our website and provide additional information that you may find helpful.

Beginning this quarter, our high-performance coatings and foam product offerings, historically included within the Industrial segment were realigned and are now managed and reported under the Contractor segment. The change will allow business leadership to address the overlap in markets, products, end users and distributors for all of our contractor focused businesses. Prior year segment information has been restated to conform to the current organizational structure and we have provided restated historical results by quarter on our website.