Brady (US:BRC)2024-09-06 11:06Financial Performance - Diluted EPS for Q4 fiscal 2024 increased 15.0% to a record high of $1.15 compared to $1.00 in Q4 fiscal 2023[1] - Income before income taxes increased 6.9% to $68.2 million for Q4 fiscal 2024 compared to $63.8 million in Q4 fiscal 2023[3] - Total net income for the year ended July 31, 2024, was $197.2 million, compared to $174.9 million for the year ended July 31, 2023[5] - Net income for the year ended July 31, 2024, was $197,215,000, compared to $174,857,000 for the previous year, reflecting an increase of 12.8%[17] - The company reported a GAAP Net Income of $55,456 million for Q3 2024, compared to $49,378 million in Q3 2023, which is a 12.5% increase[22] - The year-end Income before income taxes (GAAP measure) for 2024 was $247,841 million, compared to $225,696 million in 2023, showing a growth of 9.8%[20] Revenue and Sales - Sales for Q4 fiscal 2024 were $343.4 million, a decrease of 0.7% from $345.9 million in Q4 fiscal 2023, with organic sales growth of 1.6%[3] - For the year ended July 31, 2024, sales increased 0.7% to $1.34 billion compared to $1.33 billion in the prior year[5] - Total net sales for the year were $1,341,393,000, a slight increase from $1,331,863,000, reflecting a growth of 0.7%[18] Profitability - Gross profit margin rose to 51.6% in Q4 fiscal 2024 from 50.8% in the same quarter last year[1] - The company reported a total segment profit margin of 21.2% for the year, compared to 19.8% in the previous year, indicating improved profitability[18] - Segment profit for the Americas & Asia was $53,353,000, up from $49,992,000, representing an increase of 4.3%[18] Cash Flow and Assets - Net cash provided by operating activities reached a record high of $255.1 million in fiscal 2024, up from $209.1 million in fiscal 2023[1] - Cash and cash equivalents at the end of the period were $250,118,000, up from $151,532,000, indicating a significant increase of 64.9%[17] - Net cash provided by operating activities was $255,074,000 for the year, compared to $209,149,000 in the previous year, an increase of 21.9%[17] - Total current assets increased to $599,715,000 as of July 31, 2024, up from $524,820,000 in the previous year, representing a growth of 14.3%[15] Shareholder Returns - The company announced a share buyback program of an additional $100 million, equating to approximately 1.5 million shares[2] Guidance and Future Outlook - Fiscal 2025 diluted EPS guidance is set at $4.15 to $4.45 on a GAAP basis, representing a 2.0% to 9.3% increase over the previous year[2] - The company expects Diluted EPS Excluding Certain Items for fiscal 2025 to be between $4.40 and $4.70[24] Debt and Liabilities - Total liabilities rose to $448,911,000 from $398,338,000, marking an increase of 12.7% year-over-year[15] - Long-term debt increased to $90,935,000 from $49,716,000, a rise of 82.7% year-over-year[15] Retained Earnings and Expenses - The company’s retained earnings grew to $1,174,025,000, up from $1,021,870,000, reflecting an increase of 14.9%[16] - Amortization expense for the year ended July 31, 2024, was $7,239 million, down from $8,983 million in 2023, a reduction of 19.4%[22] - The company’s amortization expense for the year ended July 31, 2024, was $9,421 million, down from $11,739 million in 2023, reflecting a decrease of 19.7%[20] Tax and Exclusions - Income Tax Expense Excluding Certain Items for Q3 2024 was $13,292 million, down from $14,993 million in Q3 2023, indicating a decrease of 11.4%[21] - Income Before Income Taxes Excluding Certain Items for Q3 2024 was $70,545 million, up from $66,207 million in Q3 2023, representing a 3.9% increase[20] - Net Income Excluding Certain Items for the year ended July 31, 2024, was $204,454 million, compared to $181,501 million in 2023, reflecting a 12.6% year-over-year growth[22] - Diluted EPS Excluding Certain Items for Q3 2024 was $1.19, an increase from $1.04 in Q3 2023, marking a 14.4% rise[23]