Looks like another solid if unspectacular quarter. Record revenues for any Q3 and ties the best Q3 on earnings. Conference call Thursday at 11:00 AM.
"Incoming order rates worldwide remained strong throughout the quarter, particularly in Asia Pacific," said McHale. "For the fourth quarter of 2011, we continue to expect global demand to be generally favorable to the prior year, with the exception of the U.S. housing and commercial construction markets, which remain at historic lows. We are cautious regarding demand trends in Europe and are closely watching for any order impact resulting from the Eurozone financial crisis. We expect fourth quarter percentage growth trends will be lower, reflecting more difficult comparisons to the prior year and an additional week of shipments that occurred in the fiscal fourth quarter of 2010."
The Company continues to cooperate with the Federal Trade Commission ("FTC") to obtain regulatory approval to close the pending acquisition of ITW`s finishing businesses. Earlier this month, both Graco and ITW submitted responses to the FTC`s request for additional information in their review of the acquisition.