Brady (US:BRC)2024-05-22 11:05Earnings Guidance - Earnings per diluted Class A Common Share guidance for fiscal year ending July 31, 2024, raised to a new range of $3.93 to $4.00 on a GAAP basis and $4.08 to $4.15 on a non-GAAP basis[2][10]. - Diluted EPS Excluding Certain Items guidance for fiscal 2024 is projected between $4.08 and $4.15[41]. Sales Performance - Sales for the quarter ended April 30, 2024, increased by 1.9% to $343.4 million, with organic sales growth of 4.5%[3]. - For the nine-month period ended April 30, 2024, sales increased by 1.2% to $998.0 million, with organic sales growth of 3.0%[4]. - Total net sales for the quarter ended April 30, 2024, were $343.4 million, a 1.9% increase compared to $337.1 million in the same quarter of the prior year[18]. - Net sales for the three months ended April 30, 2024, were $343,384 million, a slight increase from $337,116 million in the same period of 2023, while net sales for the nine months ended April 30, 2024, reached $997,991 million compared to $985,934 million in 2023[34]. Income and Earnings - Net income for the nine-month period ended April 30, 2024, was $141.8 million, compared to $125.5 million in the same period last year[9]. - Diluted EPS for the nine months ended April 30, 2024, was $2.91, up from $2.51 in the same period last year[9]. - Net income for the quarter was $50.9 million, compared to $48.1 million in the same quarter last year[26]. - Diluted EPS for the quarter increased 9.4% to $1.05, while diluted EPS excluding certain items increased 14.7% to $1.09[24]. - For the nine-month period ended April 30, 2024, income before income taxes increased 11.0% to $179.6 million compared to $161.9 million in the same period last year[27]. - Basic net income per Class A Nonvoting Common Share for the three months ended April 30, 2024, was $1.06, an increase from $0.97 in 2023, and for the nine months, it rose to $2.94 from $2.52[34]. Cash Flow and Shareholder Returns - Net cash provided by operating activities was $171.1 million for the nine months ended April 30, 2024, compared to $129.9 million in the same period last year[6]. - The company repurchased 863,365 shares for $50.4 million and returned $11.2 million to shareholders in dividends during the quarter[10]. Product Development and Innovation - The company launched several new products this quarter, focusing on innovation to drive future growth[5]. - The company is positioned for future success with an increased pace of innovative new product development[5]. Regional Sales Performance - Sales in the Americas & Asia increased by 0.9% and by 3.8% in Europe & Australia for the quarter ended April 30, 2024[3]. - Organic sales growth was 4.5% for the quarter, while foreign currency effects decreased sales by 0.3% and divestitures decreased sales by 2.3%[24]. Financial Position - Total current assets as of April 30, 2024, were $521,272 million, slightly down from $524,820 million as of July 31, 2023[35]. - Total liabilities increased to $401,994 million as of April 30, 2024, from $398,338 million as of July 31, 2023[35]. - Stockholders' equity rose to $1,022,102 million as of April 30, 2024, compared to $990,919 million as of July 31, 2023[35]. Operating Performance - Total segment profit for the quarter was $69.2 million, compared to $66.3 million in the same quarter last year[18]. - Gross margin improved to $177,027 million for the three months ended April 30, 2024, up from $169,691 million in 2023, and for the nine months, it increased to $510,829 million from $481,395 million[34]. - Operating income for the three months ended April 30, 2024, was $63,543 million, slightly higher than $63,001 million in 2023, with a nine-month operating income of $177,199 million compared to $163,168 million in 2023[34]. Research and Development - Research and development expenses increased to $17,681 million for the three months ended April 30, 2024, compared to $15,715 million in 2023, and for the nine months, it was $50,215 million versus $45,025 million in 2023[34].