Graco backs FY16 revenue growth view low single digits, consensus $1.32B
"We are holding to our outlook of low single-digit sales growth for Graco worldwide for the full year 2016," said president and CEO Patrick McHale. "Our Industrial segment continues to experience a spotty environment for capital equipment spending worldwide, with ongoing weakness most notable in the Americas region. Construction activity remains solid in the EMEA and Americas regions. While our Process segment saw modest growth sequentially in the third quarter, we are cautious about ongoing headwinds. Regionally, we anticipate the Americas region will finish the full year 2016 flat compared with the prior year, below our prior outlook of low single-digit growth. In the EMEA region, we reiterate our low-to-mid single-digit growth expectations for the full year. Our outlook for the Asia Pacific region continues to be low single-digit growth for 2016. The fourth quarter of 2015 was our highest growth quarter of the year, with 6 percent growth on an organic, constant currency basis, providing a difficult comparable for our last quarter of the year."