Graco's 3rd-quarter results illustrate this theme. While investors did not expect margins to decline as much as they did, which resulted in a 15% decline quarter-on-quarter in net earnings, top-line growth fared better, with a 5% increase quarter-on-quarter.
In fact, adjusting for currency changes, the company increased its top-line 11% quarter-on-quarter and 10% so far for the year, which is very good for a company in the industrials arena.
Currency volatility has been affecting many companies that have global operations, so this sort of dampened result should be considered short-term to investors.
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