Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Brady Corp tops Q3 estimates, raises guidance

EditorRachael Rajan
Published 05/22/2024, 07:18 PM
© Reuters.
BRC
-

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.