Graco Inc (NYSE:GGG) Q3 2024 Results Conference Call October 24, 2024 11:00 AM ET
Company Participants
Chris Knutson - Executive VP, Corporate Controller & Principal Accounting Officer
Mark Sheahan - President, CEO & Director
David Lowe - CFO & Treasurer
Conference Call Participants
Deane Dray - RBC Capital Markets
Mike Halloran - Baird
Saree Boroditsky - Jefferies
Matt Summerville - D.A. Davidson
Jeff Hammond - KeyBanc Capital Markets
Andrew Buscaglia - BNP Paribas
Walter Liptak - Seaport Research
Operator
Good morning, and welcome to the Third Quarter Conference Call for Graco Inc. If you wish to access the replay for this call, you may do so by visiting the company's website at www.graco.com. 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 question and answers after opening remarks from the management.
During this call, various remarks may be made by management about their expectations, plans of 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 2023 Annual Report on Form 10-K and in Item 1A of the company's most recently 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 as of the time they are made. The company undertakes no obligations to update these statements in the light of new information or future events.
I will now turn the conference over to Chris Knutson, Executive Vice President, Corporate Controller.
Chris Knutson
Good morning, everyone, and thank you for joining our call. 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 commentary.
Yesterday, Graco reported third quarter sales of $519 million, a decrease of 4% from the same quarter last year. Reported and adjusted net earnings decreased 8% to $122 million or $0.71 per diluted share. Excluding the impact of excess tax benefits from stock option exercises, the impairment charge and contingent consideration adjustment recorded in the third quarter of 2023, adjusted non-GAAP net earnings per share decreased 7%. The effect of currency translation had no significant impact on sales or net earnings for the quarter.