MILWAUKEE - Brady Corporation (NYSE:BRC), a global leader in identification solutions, reported a robust financial performance for its fiscal 2024 third quarter ended April 30, with earnings surpassing analyst expectations and the company elevating its full-year guidance.
The company's adjusted earnings per share (EPS) for the quarter reached a record high of $1.09, outperforming the analyst estimate of $1.04. Revenue also saw a slight increase, coming in at $343.38 million against the consensus estimate of $341.97 million.
Brady's sales for the third quarter marked a 1.9% increase compared to the same quarter of the previous year, with organic sales growth contributing 4.5%. The company's strong performance was slightly offset by a 0.3% foreign currency headwind and a 2.3% decrease due to divestitures. The company's President and CEO, Russell R. Shaller, attributed the record EPS and organic sales growth to ongoing investments in research and development, which have led to the launch of new products that differentiate Brady from competitors.
Looking ahead, Brady Corp has raised its full-year adjusted EPS guidance for fiscal 2024, now expecting a range of $4.08 to $4.15, up from the previous range of $3.95 to $4.10. This updated guidance surpasses the analyst consensus of $4.04, reflecting the company's confidence in its continued economic growth and strategic investments.
Brady's CFO, Ann Thornton, highlighted the company's strong balance sheet and cash generation, which have enabled share buybacks and dividends, further enhancing shareholder value. The company repurchased 863,365 shares for $50.4 million and returned $11.2 million to shareholders in dividends during the quarter.
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