RTTNews | Jul 22, 2020 04:54PM EDT

16:54 Wednesday, July 22, 2020 (RTTNews.com) - Graco Inc. (GGG) Wednesday reported second-quarter net income of $28.8 million or $0.17 per share, down from $88.1 million or $0.51 per share last year.

Adjusted earnings dropped to $0.37 per share from $0.50 per share last year.

Net sales dropped 14% to $366.9 million from $428.3 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share on revenues of $325.04 million. Analysts' estimates typically exclude special items.

"While weak economic conditions affected our business in the second quarter, we remain committed to our long-term strategy," said McHale. "Our initiatives for 2021 and beyond have continued as usual."

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