GGG - Earnings call transcript Q4 2020

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Operator

Good morning, and welcome to the Fourth Quarter Conference Call for Graco, Inc.

If you wish to access the replay for this call, you may do so by dialing (855) 859-2056 within the United States or Canada. The dial-in number for international callers is (404) 537-3406. The conference ID number is 5162659. The replay will be available through 2:00 p.m. X, February Tuesday, Time, XXXX. Eastern information Graco presentation, the slide in is has available play. additional which webcast as PowerPoint the available part of conference management. of will answers request company, their up the after from the and for remarks At opening questions the open we

These various statements be made Actual call, provisions including www.sec.gov. of of Company's are Safe for expectations, the various the about by and Company's These future. of may materially the Risk at for XA identified www.graco.com available Factors, Form from a as Item differ Securities Annual in may those most XXXX Harbor recent Act. prospects purposes results the and the on the remarks Litigation the Report XX-K remarks reports this management on their indicated SEC's at During of plans website XX-Q. constitute website Company's Quarterly Reform of Item and Report Private forward-looking the XA in Form those on result

management's Kathy these they President, update are events. now conference Forward-looking statements company or time of of new to The Controller. obligation to Vice information turn current as only reflect will the no over future undertakes in made. Schoenrock, the light statements Executive I speak and Corporate the views

Kathy Schoenrock

Good morning. and McHale I'm here today Mark Sheahan. with Pat

to Discretionary the the final in and of totaled the due expenses higher quarter to as fourth million increases sales rate in $XXX the quarter the was million down The in for lower more tax tax the translation quarter and million per the excess XX% the $XXX tax last Industrial our $XXX benefits share. million, million than strength the $X.XX in for growth in fourth the helpful. from saw share. $X.XX segment. also slides currency at year's of an our diluted totaled Mix margin basis XX% was stock $XXX posted net conference provide offset sales and quarter, Contractor quarter. quarter from points option on be increase Gross $XXX margin increase for earnings margin been $X adjusting that have of lower may were quarter Sales favorable million the and facility foreign income After XX% impact costs. Our full-year. primarily reported diluted revolving continued additional the the higher million call pricing rates. favorable last our Realized million rates flow increased quarter. at last from outflows foreign exercises. compared increase increased Net last development of points year website information to cash $XXX additional based five for XX% than a Cash stock of for fourth quarter. income stock repayment in first quarter quarter option the an quarter credit borrowed slightly from lower product was operations due exercises, tax our in to option earnings adjusting year, effect due for XXX and an and exercises, margin year, from percentage related of totaled segments in to in per consistent benefits rate totaled year-ago earnings this as included $XXX fourth the of fourth the After rate. on or we the expenses the impact Operating taxed or

our voluntary million of a Pension to U.S. $XX contribution also made We plan.

expected we A earnings by significant the currently expected full-year, coming effect Based totaled volume dividends capital X% to full-year $XXX comments $XX impact For the with exchange current to and in half. rate for corporate benefit and most mix X% XX% XX%. quarter. by year and products of projected $XX the and of and The the is vary to sales by be XXXX. were be the the effective can tax expenses is first forward to as Unallocated are sales million to projects. currencies, expenditures XXXX for the including open to We transactions by look few rates make by may expansion are expenditures million be XXXX, million share same $XX and for on paid program. opportunistic share million. expected for exchange repurchases in facility market $XXX repurchase short-dated million Capital accelerated

now be quarter. for Finally, with year call I'll in to fourth XX further a occurring week the XXXX over turn week comments. the the extra will Pat

Pat McHale

morning on organic my All comments Good basis. will morning constant everyone. an this Kathy. you, be Thank currency

to resulted quarter weak. for expense versus QX, on activity last the region improved The operating management, year. in number has performance good Compared record the improved both growth facilities quarter combined The work Industrial factory and Home of XX% regions second and in out-the-door remained earnings. strong improved. and and coding home and sales declined the The with earnings sales, the realization, markets with Contractor grew Contractor quarter, year solid Process the and to A Improvement which particularly XX%. inventory. activity Asia-Pacific industrial our industrial Price center continue the least and to at America like Residential foam, limited quarter segment solid we those to and to grew but year's spray in a three year and access segment up quarter. Contractor was in activity expect year. market robust. Process was segment segment vehicle sectors. and the strong XX% previous to market as to saw the year, place Industrial persist the sales lockdowns but remains for gas key for customers and ended or end North exceeded challenged, in the conditions XXXX, our end electronics, all the paint in limited. for Access we both remain sales Process adequate related oil into remains row, the markets in construction channel and of first half quarters, down segments to hard the particularly maintain ended remain still mid-single-digits lubrication, battery. some the during challenging Heading

Contractor for it we're assist to our from and with winners. suppliers favorable job Our our Contractor hours, in the positive matters large remains as Culture distributor year sales operational, the look to other were half. took demand get factories wage and long-term maintained year. to our employees fully expansion demand exited the partners, factory and a segment we and again worked relocated has employees, incredibly keep the and team solid outlook From with avoid to markets. been outstanding special factories core conditions continue the employees to who centers long able Thanks distribution to floor, is second the attitude the channel the the in and team invest start positive committed shop the fully strategies questions. in and and new Contractor spike development, thanks the are done. to growth for to they new this were Contractor whatever A forward reductions layoffs ready product of Operator, and our doing order year. to fight We to the momentum and

Operator

question-and-answer [Operator begin Thank The you. session time. will at Instructions]. this

from Capital from Our Markets. the first question will line of RBC Deane come Dray

begin. may You

Deane Dray

that. what things. kind you've just can beyond Hey, in six the just you issues clarify maybe out also are data orders Contractor, in given, some the using, to you And of appreciate, can you what's then that but expect visibility start that you mix your a average sight please. stay One couple are the points of segment, the is into we weeks which say called of robust, too, line we

Pat McHale

are book and bill Those business.

rates. So incoming with interested every order always we're weekend what's happening

construction our take like However, XXXX. residential at looks look a good macro, to going when the you pretty remain in shape through it's

capitalize to business. to a centers, what there in And on expect that. and what pullback happening with what's least currently, we're be work-from-home we're hearing we So doesn't at seeing home appear big

a like despite peak orders what hit upon fact do that successful we've we year. we're in be good against, the year get we shot at some going a that feel the tough the based of marketplace, we the year in Contractor So up very comps we start to got that as into this we're the have hearing that the and having

or that's issue between mix terms In just units of issue a propane. units typically more center versus the Contractor, mix larger on home the smaller than the of selling business

Deane Dray

then us can and our where I auto when growth opportunity what in analysts, that's new on coming to remind the talk all he that's keeps is market? batteries us play batteries, right, technologies follow-up, that just mean for And a does just as Graco clarify capacity helpful. in we on and the you in All emphasizing how and

Mark Sheahan

the And where also in play various applications with get put are thermal bonding that to actually Deane materials abrasive expertise heat and in to Industrial end it’s battery equipment areas reactive batteries components involved to themselves called interface what's together are new we and the our the they're used. or looking for we facilities along distributor to putting in of highly are put batteries have are those either do in and being users. on which get to nice compounds materials, packages use down partners in customers fluid dissipate the Mark we our of involved segment Yes,

as for involved shot that expect to So opportunities. demand going in we're as there's be those fair able being long we at to batteries, a get

Deane Dray

to contribution if when dynamics it's and pricing. Thanks. launch? about talk are products And expectations, the in, you could of is you pricing through just more I new the put from Got year know expect one you year can squeeze it. anything I beginning What question this

Mark Sheahan

ought product going new maybe of don't realize not on to any and like to And generally be X% be put price or year a programs. a I expect cut to through in pricing really increase investments that Yes, somewhere new up is to we We anything typically; each is different pricing. realized it product our that. this year did think modest X.X%

our looks like for pretty new good. So XXXX XXXX we pipeline into even feel going product and

Operator

you. Thank

the next Boroditsky line Saree Jefferies. question comes Our from from of

You may begin.

Saree Boroditsky

on right Could globally? then there's what there China COVID do that And that pickup the you increase on spent Industrial? the factories for you're in automation capital lot being hearing comment in automation will drove in you that seeing a We're think demand of now.

Pat McHale

about increasing automation. lot So talk there's a of demand for COVID the

a trend probably demand new. been I think really we'll to of Well, for well. we fire that's the some juice a I that saw that's add the nothing suppose bit trend, it folks, multi-year little for automation

that was weak were of to. it But performance, vis-à-vis quarter we we our a comparing you have that did pretty fourth would good terms XXXX. remind Asia-Pacific In I

is strength a China, improving So course gets lot exported. business work, see out performance there. their globally of definitely of need maximum We to well, get of because to

Saree Boroditsky

you and bounce Industrial? has back, together. there Process seem as expect you believe moved does Industrial I sales about to to the Did quarter, as of last being here. in not During seen be lagging kind The surprised talked we've Process demand

Pat McHale

more felt I say a have that vehicle particularly within Process, little pain the got surprised, others. oil because industries. bit would And terribly, than referenced and segments I some services not and Yes, was I gas but we've that

And recovery so that to average need so some the down, they've Process there. actually segment in taken and we see

Saree Boroditsky

question, support And electric production. I about on you. that into been of if to a could you just needed the one for capital amount to last similar batteries. opportunity talking of Graco? the There's then about industry looked means what Thank auto lot vehicle Have question

Pat McHale

lot electric lot applications Yes, finishing do do anti-flutter, the of a motor we Obviously, are do engine deadening, sound we got it, sealing, whether a same we or bonding, do do of in in we lightweighting We we diesel it, engine it. our systems. car activities. an the do in a gas automotive going has seam be in to

actual by just We aren't lot a those a manufacturing. don't battery trying where with in capitalize you drivetrain. don't into to lot markets today So like nice direct get Mark driven can happening drivetrain on. work we gave And of that We're what's we the the itself. necessarily a sell on summary drivetrain

the being So major the vehicles business in switch to to I for don't a electric change Graco. as view

Operator

you. Thank

Mike will question come from of Baird. Our line next Halloran from the

begin. may You

Mike Halloran

increase. about Just last clarification you're more you and are question, price the entering price what still so is on saying normal a a quick despite thinking guys got still inflation positive Pat, the

Pat McHale

going inflation and going I thought a I We're in seeing think that's be. all some to definitely factories to sure, volume increase not how unless about perform. play commodity price out, I'm talked our realized would I what are

that we going fact to the So things pretty is, some -- years that point historically, the good probably pressure. we thing commodity are I lot And overall performance, is tends good pressure, I despite get commodity our wheelhouse. good a that see out would when feel on the top-line have of that in side cost other that get we'll of

it's see I I think a actually Typically, love getting So, to top-line well, positive and sign. have strong commodities we weak. that. And don't

Mike Halloran

on revenue context of of saw sustainability quarter, things kind that sequentially some on the Industrial And I momentum the different through helpful. one That's sequentially maybe the here, line size, then thoughts segment. on obviously is seems some you little trend the anything mean specifics you two versus auto, but that and maybe what to end-markets, or think that way needle any one the order there be, moving another? else of the

MarkSheahan

Mike for down. first this get particular a that saw great with but Yes, I Profitability way that road, expect did up, half obviously better the start moving some the that year. be and we the tempo more. out in on year would QX, incentives haven't in our business as with was that it around being some we'll lower as of in also, teams continues the we COVID. that as due was business Industrial, been hope get and spending into segment we just the you get result spending customers here of the re-engaging of And fact have to as we QX, back

going in a XXXX. to Hopefully, uptick performance a operating put there's in So up spending. here we're margin decent volume that that be should, tracks the able and normal it to with

Mike Halloran

from one, lot today? here, then of as you a environment hasn't just but thoughts probably your actionability, I'm sure it see last the And answer changed the in and a perspective Helpful. heck M&A

Pat McHale

that do and in Still we should we too big build see guess can is what businesses that environment anticipate my to this things much we expensive existing or into you'll either bank and niche think on bigger, you we'd wouldn't something leverage while anything on like can I happening. type that is

Operator

you. Thank

from Oppenheimer. the Our of next come line Blair will question Bryan from

begin. may You

Bryan Blair

automotive week of kick the booking the follow-up year, missed XXXX? of we're versus if much So with momentum correct a by some refactor was that detail into that I Industrial that in Asia-Pacific, couple does rate how questions. weak apologize; Starting I And to comp of six admittedly driven prior in rebound how in a responses. lift? sector last the off

Mark Sheahan

we we Bryan, hard And goes. do, the of the data just don't really stuff we know we two, don't number it's portion through for available. it's and where competitive break distribution, a don't to sell Yes, reasons; it, if Number quantify automotive out had one, good we the think business. then exactly to thing

Industrial So I categories. would recovery product more a across as of it characterize the broad base

down think or in really low XX% year, pretty, XX%, last for in As the you was mentioned, comparison pretty QX. them QX, I was Industrial around

was a a And Asia a made year basis, about X%. on the comeback. basis. XX% full-year, is on down they for So full-year But last down full-year year, last Asia

by So continues in should and hopefully, we're that a momentum see we're seeing. year encouraged But we the XXXX. here tempo the stays the decent business

Bryan Blair

to lubrication trends The And second. then it. gas, of pressure Process address the business areas on oil and there. any Got I get sustained and

the I'm would of that timing gas But and following momentum assume I helpful. then modest oil is divestiture, correct? Alco believe that I color would overlooking there. have with perhaps be lubrication, sequential any some First, exposure very is your you And spending,

Pat McHale

Yes.

individual momentum no that segment line out within us into just man's So takes don't sequential want land. to product by we break a

going to not I'm go So there.

and oil the correct. side, On gas you're

exposure Our large. not direct oil gas and is

gas However, that indirect oil does industries also well exposure can when sell meaningful, oil are we be and into do and that well. gas meaning

happen can recent So And and see reinvestment. prices help to us of our we I lines. think of a time, uptick of if the some period like over some kind the see of in should business across that we'll oil number would sustainability that a

Operator

next Hammond our question of from comes Jeff line from KeyBanc. And the

begin. may You

Jeff Hammond

you're continue of if be to kind mix home kind are do Contractor, you on strong you way there? hearing and thinking what bookings customers, the mix or to expect the on you what from center smaller in look the of Just at and

Pat McHale

to Yes, it's kind recently. hard I of we've what predict. experienced But mean, that's

never I in time many seen I've last seen like think my that or we've months Graco, six here the fronts. here anything in eight at on

favorable for of And this are hearing I withdrawn what move believe that our what paint home And we've seeing, the here. so future. we predict I'm to us trying channel we're sort through guidance. remain But and channel markets forward-looking to XXXX likely and as center not both I'm

Jeff Hammond

six is on Asia-Pac? broad-based by geographically, And heavily Okay, week on back kind the pretty is the that great. of just that Industrial, or being still booking, then driven growth

Mark Sheahan

Yes, particular less more one than I any Jeff. there's think region or don't think standing broad-based, it's out more others. I that's the

Operator

And our come from Goldman Joe question Sachs. will the of next line Ritchie from

You may begin.

Joe Ritchie

accessories your us how business little and throughout Hey, a Pat. starting-off, tell you quarter trended parts the equipment just like about versus Maybe just new maybe sales? bit

Pat McHale

how fine always how right looked But it that's we're I now it not Yes, looks. because line always which surprising, looks, is with in there. think

Joe Ritchie

Okay.

So, really trending for, way to about trying other. trending maybe in is like get is is with sensing Is line basically new, guess better it? than that but question a I the I'm whether fixers right think yes, each sense what [indiscernible] the to

Pat McHale

amazing. Yes, it's and back, you can go pretty

You back more can in it year-by-year, or and than and two. and go point vary doesn't quarter-by-quarter time

I vast just So in have pretty what's reasons our we comes we have products, gets in it's market and more of happening day, that there's keep the ship And don't, order think steady. some majority to and our end products it mind that we you out. products, shipped level, much same but pretty the really at for than

is that able are they what local repair need their needed So to of and the take care distributors the be to to service to need carry carry parts customer.

carry needed order items parts. on the larger, inventory as And on service And typically more they'll they'll basis. expensive typically then so an

stock. effect, that dampening an on in distributors business, we and parts see has accumulator of kind our I effect carry So what think because a accessories

Joe Ritchie

didn't margin strong. in XXXX. actions of quarter this like, guys discretionary kind a just lot were obviously, of Industrial the take following And on question maybe then just And margins for extremely okay. a it, incremental you Got maybe

how like, margin we about So the in Industrial thinking in XXXX? should be incremental

Mark Sheahan

if rate, in say should that higher I'd growth always the be we've said, business, mid-single-digit get Yes, above like we margins can incremental what or we for Joe, top-line that that segment. XX%

Joe Ritchie

Was that incrementals that the you that? that fourth were were anything but Okay. quarter unusual the stronger impacted in mid-single-digit range, because there than much

Mark Sheahan

biggest expenses Yes, spending had I helped I absolute also margin we would the that fact as we think the versus the a gross we the definitely and of QX P&L earnings couple volume on the level based what line. currency had of and have biggest, year-ago. But that mentioned, much one in just things have didn't the in

those major the are think I factors.

Joe Ritchie

it, I XX-week sales and I guess, two -- If it is great. margins the the any is as just impact. just impact point in one extra impact sneak Got to mean I week? could maybe as more, like and year, the sales thinking it margins simple from

Pat McHale

jump for to your I'm back going to question. a prior second

general annual at our around. jump incremental looking in lots is looking segments, them I when margins an different basis Just quarter-to-quarter, and instructive them looking things make can you're of think less because at on at

they bit days? five little different they? what's if to business are XXrd think your XXrd week, that really busy on it ask Which work trying big is leaders looking it between second on worth you and you'll worth? that's On by And probably I Is answers. serve the with days at actual of an So worth here, that. Graco, well, the days? if you're I answer days? question, debate internally yourself you'd What two annual you numbers. incremental the give business can't Are figure Christmas margins, kind get going out So, they at five too. Or Year's? always Is New a five week are

X% top-line. So it's the X% and probably on between somewhere

Operator

question from the And Summerville Matt from of D.A. will Davidson. our next come line

may You begin.

Matt Summerville

morning. good Thanks,

mine Just have question one of most answered. been here,

about are facilities of theoretically, And much there As we ask think the to a way guys. to this that? demand? release top-line? you the vaccine see Can accessibility Graco's about, how maybe is has in lack hindered reason way I guys is think of you some up sort a about context of that the thinking tempers ramps in Is issue accessibility for pent-up there you

Pat McHale

salespeople you it. hurting to less that measure think engineering in even way not I the looking measurable. be Meaning, to walking I through we maybe our don't from think we of top-line. got to we can chance there's that don't factories, push of get is which We think get believe any something Certainly, customers I the working don't that home, it's new front a getting don't products, folks opportunities the know wanted; they for is sell customer a to effective. didn't proactive, lot be our

But no there. really I So measure there's idea. impact how that an to have

XXXX up, of Process our think in I in to extent that and we to we loosen to kind Industrial segments. the should particularly see see start more towards that normalization. back opportunities. that, And better potentially to maybe we're world feel going some we're see And about the the the top-line, the half the looking of

right As tightening, watching depending in and loosening world, of and the news, next. predict there you're month looking the you've to to been where different upon hard in are one now, the levels really it's really

like to But a keep normal the and would we're to we to have to we our So best process. really more back going doing customers job do access can.

Matt Summerville

At order point, guess six I what way you to granularity give And that see sales that you the I would your by data? liked it's the the in cadence really great, week and so, do you do need some to of Pat, point; that? need you to get some sort do least guidance framework? will And at high-level, able providing be back see to if Graco some business? at think to a at what

Pat McHale

will, than look is we're And we finite or be we to probably to our that coin that little to need probably, months flip to confidence we going or we is it's in telling a But I going try just it's four not I'm swag whatever. guidance a is more bit right likely world that that guess. you what think the like what predict can got they that behind with a three taking just or a it's will. I Yes, likely now, it. But anybody who we something And think promise have thinks will.

have some So companies, what's calls with try And macro the to a of with with COVID make happened a look here. on off at a from our happening take world. because look macro you I going take when you and you what's call happening just what's other and it's at make pretty think to some And wildcard. we're your own industrial standpoint, to data and much hold

Operator

next Drew And the call from Berenberg. line of from Buscaglia comes the

You may begin.

Drew Buscaglia

I can you was potential of up, indication that hoping you're because face around of going or XXXX puts like takes even a really in costs offsetting and contract expansion could margin pricing to and are it give you're the you -- some comps there's and lot seems going us some going have tough in to margin that, on side.

the expansion next year, where year or this So juice rather? is for margin

Pat McHale

with think obviously, good be I positive side view to that Industrial margins that would we've got great Typically, on up. prices things incremental our of the is are So the indicate And commodity business. going really on on the Industrial on margins, and really us on Industrial growth margins. in top-line care pressure lower XXXX for side. organization, saw overall some Process, the the the operating Contractor What challenges we was going created

those Industrial are which out operating So high-single-digit plus of profitability you and recovery. high-single-digits, to really see something the as I see nice at XX% the like see in to growth Process kind getting that has would those our of We seen. not all see been recovery we've I unusual be Industrial to you're in going for business past, for back Graco. incremental pop drive going margins think that

I But Short-term think know a or we come don't here. half still fine I of exactly more back. think like year And so positive. to just I when it question and But some about [ph]. uncertainty expect when, looking if next we're the there's I that. it's obviously

Andrew Buscaglia

okay. Yes,

cash you're able about how to in is sounds relative given cash kind you do cheap valuation some is not of be here, Pat, wouldn't pickle can't of find of buyback valuation probably you're Okay your like are and just companies M&A accretion, and it use you M&A with of stocks a kind unlikely. to tough the a exactly you big your is because know, wise, I thinking with so where buying? guys use really

Pat McHale

of did, like have this in be So right I the be the it the have some would opportunity that amount now don't don't patient. fire have if we something. hair, cash to any I one times nice think bank, during I of keys to -- We but because provides that us do is on

for just suggesting, us it continue go I and expect don't the little in in I have invest sheet there. be a they We a and going go because active order. bit to was wouldn't just cash, in a if really, building We're do good of you're model, put to we looking that opportunities. something M&A it not pile just us to return. of shareholders our could and And that expect get investment a on off blow return to balance when poor patience immediately be out a

going product to if development we to our But Graco think like we at we're like to going going to buy stock reduction continue we're new see continue what back look yes, we'll for do good, and don't we prices. the urgency to put good and hopefully And we've we're have is business other invest Graco, are to think opportunities to the I done, going and going be program I projects opportunities, results automation opportunistic, M&A So in and always we're feel cost any past. up back on and and in it.

Operator

our Thank from you. Walter line from Liptak the of next And question come Seaport Global. will

begin. may You

Walter Liptak

in recovery, six week these bookings wonder, sort the I signs that at Industrial. wanted might it's of looked as give good number. on ask going Industrial the data, guess, insight was of you Industrial you there us I especially see some to anything And that to I early that in stood by And out geographically to could you or into what's sectors? sector, like about

Pat McHale

earlier one as it in to Mark see what's alluded that indicate question, be out, commodities spot. with to, you here. concentrated in happening some not optimism No, reason And kind would just seems when all for again, there's an of spread that

that to, going it. before we're feel we would time bullish get six have on ago. where where need a say to little bit But at we were months we'll longer versus we're about at we So positive I

Walter Liptak

that's thoughts upgrades Is is it Okay. is capacity -- this any capacity about, products? it of Or new because new coming online?

Pat McHale

there's has job they're the automation. in the interesting they're hanging investing just our But factories equipment, work, for buying of lots there, robots they've do feel lucky resources Graco have the that been But, unusual to I I'll producing. organization; certainly course damper world have then they're employees what and And as minimizing on case. We've where very active. definitely CapEx. and -- capital situations that on have say, of terms of, been they've dislocations been buy, Well, in there, in some lots in the groups been but what been out they on at and need done. marketplace. there been ground Industrial the are There doing? site, puts They've they hasn't doing remained an been And a of of they the getting have been been and get to engineering number

be least in months' it's likelihood get worth a sure I'm Western of going it's very that to But back. it to that is seems and I pretty say to So markets Europe six fluid. U.S. not situation, the what And changes it's things, unusual at the in exactly key and vaccines take would favorable.

Walter Liptak

again, in those, the in okay. go is out just is stuff or orders about the this through thinking that shipments stretched for And Okay, year week timing early installation? of six look those will you as

Pat McHale

have week time. some on backlog Industrial we that longer I businesses But, and haven't numbers. parsed run So six lead the have within

typically pretty So exact I you is, my can't it sense is looks thing. it much that But give does. like an

Mark Sheahan

I period. weeks is a the And just short time Yes. that pretty add would six

involved trying danger systems jobs both to some numbers, positive there's in in extrapolate negative. lumpiness, there, and So, there's there's some those

grain with a it take So of salt.

Walter Liptak

it's it, good Okay, well, so. to see

Okay. guys. Thanks,

Okay.

Operator

further Thank if you. are the And there now no questions, over Pat McHale. conference to I'll turn

Pat McHale

we're year. All And going for to a with everybody to our your out to bit participation for thanks, of that job employees great quarter. XXXX to do the you best here the a momentum Thanks going the in right, we're did have and decent little today. well, start all

we'll So signoff. with that,

Operator

participating. for today. for conference our concludes all you This Thank

nice may now a All parties day. have disconnect. You

Graco (GGG) 26 Jan 212020 Q4 Earnings call transcript