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Supply chain constraints such as logistics capacity and component availability had an unfavorable impact in the quarter and will likely persist for the rest of the year. On a sequential basis, gross margin rates were down 250 basis points as we saw cost pressures such as material, labor, freight and volume-based costs increased throughout the quarter. The majority of these cost increase impact the Contractor segment as that is our highest volume business.
It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, automotive, construction and maintenance industries. We do a pretty good job of quoting and estimating as you probably can imagine. And to the extent that we’ve got components or things that we’re concerned about, we’ll either buy those ahead or we build in some of that pricing into our project business. Project business is a little bit different than like our normal price increase, right. So, our normal price increase that we do annually that covers a lot of our standard components and those types of things.
Process segment sales grew 29% for the quarter and 17% for the year. Similar to Industrial, sales volumes were also either near or exceeding pre-pandemic levels in all regions. End market growth remains broad-based with key product categories up for the quarter. The strong recovery in both our lubrication and process pump businesses drove sales and earnings growth for the quarter in the segment. Graco’s recall today is one of a spate of actions that have been taken by manufacturers, consumer advocates, and lawmakers to prevent infant inclined sleepers from harming babies. Graco today recalled about 51,000 infant inclined sleepers because infant deaths have been tied to other, similar inclined sleep products, according to anannouncement from the Consumer Product Safety Commission.
Since the Gray brothers founded graco booster seat nearly 100 years ago, we’ve built the company on the idea that great engineering and meticulous manufacturing leads to high quality, long lasting products. Our customers know that behind every product delivery is a promise of exceptional customer service. Graco (pronounced gray-co) is an American baby products company based in High Point, North Carolina. Graco was founded in 1942 in Philadelphia, Pennsylvania, by Russell Gray and Robert Cone as Graco Metal Products, a company that fabricated machine and car parts. Rex Thomas watched his wife sitting on the porch, rocking their baby in a swing with a string tied to it, while she read a book. In 1987, the company pioneered the invention of the Pack N’ Play Portable Playard, the world’s first portable play yard (designed by Nate Saint, Dave Saint’s son).
Yesterday, reported second quarter sales of $507 million, an increase of 38% from the second quarter of last year. The effects of currency translation added 4 percentage points of growth or approximately $12 million in the second quarter. Reported net earnings were $110 million for the quarter or $0.63 per diluted share. After adjusting for the impact of excess tax benefits from stock option exercises, net earnings were $108 million or $0.62 per diluted share. We strive to exceed expectations for world-class quality and customer service.
Benefit from the efficient delivery of quality equipment and superior performance when using ’s teams. Translate these benefits into reducing your overall field operating costs by working with Graco. Graco GH Big Rig gas hydraulic sprayers are ideal for contractors who need maximum performance, durability, versatility and timesaving accessories. Graco Big Rig sprayers are perfect for larger roof coating, waterproofing, fireproofing and other protective or architectural coating jobs.
At GRACO our policy is to make quality a priority and satisfaction our guarantee. This is why the largest majors and the smallest independents are partnering with Graco to achieve great results day in and day out. Find out how Graco can serve you today with our wide array of oilfield tools for rent and services. Graco Oilfield Services provides oilfield equipment rental and fishing services that are synonymous with extraordinary Safety, Service and Performance. Federal law bars any person from selling products subject to a publicly announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.
So, I would expect that we’ll have more project business both being booked and hopefully build as we work our way through the year. A lot of times they are lower margin but a lot of times they also carry some high margin Graco products in them. And then, once they get installed, obviously you get the customers coming back for help, parts accessories, new projects, things like that. So, this is a pretty healthy, healthy environment. When installing a car seat, you also have to consider its angle. The Graco 4Ever 4-in-1 offers six recline positions, which can keep your child comfortable as they get taller.