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Graco beats Street 1Q forecasts

MINNEAPOLIS (AP) _ Graco Inc. (GGG) on Wednesday reported first-quarter net income of $60.7 million.

On a per-share basis, the Minneapolis-based company said it had net income of $1.05.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The maker of fluid and lubrication systems posted revenue of $340.6 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $314 million.

Graco shares have climbed 20 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $99.80, a climb of 24 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GGG at https://www.zacks.com/ap/GGG

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Keywords: Graco, Earnings Report