Strong global sales and lower taxes helped Graco deliver a record second quarter, officials announced after the market closed Wednesday.
The Minneapolis-based maker of industrial pumps and sprayers saw sales rise 9 percent to $380 million for the second quarter ended June 30.
Profits jumped 57 percent to $80 million or $1.38 per share.
Excluding a one-time accounting change related to stock compensation, adjusted earnings were $1.15 per share.
Results handily beat expectations. On average, Wall Street analysts had expected earnings of $1.06 per share and sales of $368 million.
Company officials noted that sales increased across all three industrial, process and construction business segments and across all geographic regions.
Growth was particularly strong in Asia, followed by Europe and the Americas. Profits were helped by a lower tax rate and the adoption of a new accounting change.
Encouraged by rising product demand, CEO Patrick McHale raised Graco’s outlook for full-year 2017. He now expects “mid-to-high single-digit” sales growth this year, up from the prior forecast that called for mid single-digit growth.