Brady Corporation (NYSE:BRC), a global leader in identification solutions, reported strong financial performance for the third quarter of the fiscal year ending April 30, 2024, exceeding analyst expectations and raising its full-year outlook.
The company’s adjusted earnings per share (EPS) for this quarter reached a record level of $1.09, surpassing the analyst estimate of $1.04. Revenues also saw a slight increase, reaching $343.38 million compared to the consensus estimate of $341.97 million.
Brady’s third-quarter sales showed 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 2.3% decrease due to foreign currency headwinds and divestitures. Russell R. Shaller, President and CEO of the company, attributed the record EPS and organic sales growth to continued investments in research and development leading to the introduction of new products that differentiate Brady from its competitors.
Looking ahead, Brady Corp has raised its full-year adjusted EPS outlook for the fiscal year 2024, now expecting it to be in the range of $4.08 to $4.15, up from the previous range of $3.95 to $4.10. This updated forecast reflects the company’s confidence in its ongoing economic growth and strategic investments, surpassing the consensus estimate of $4.04 by analysts.
Brady’s CFO, Ann Thornton, emphasized that the company’s strong balance sheet and cash generation further enhance shareholder value by enabling share buybacks and dividends. During this quarter, the company repurchased 863,365 shares for $50.4 million and paid $11.2 million in dividends to its shareholders.
Source: investing.com
