Brady Corporation Reports Record EPS in its Fiscal 2024 Fourth Quarter, Expands its Share Buyback Program and Announces its Fiscal 2025 EPS Guidance

Core Viewpoint - Brady Corporation reported record-high earnings per share (EPS) for the fourth quarter and fiscal year 2024, driven by strong operational performance and strategic initiatives, including share repurchase programs and new product launches [2][9]. Financial Performance - Diluted EPS increased 15.0% to $1.15 in Q4 FY2024 from $1.00 in Q4 FY2023, while diluted EPS excluding certain items rose 14.4% to $1.19 from $1.04 [1][5]. - Gross profit margin improved to 51.6% in Q4 FY2024 compared to 50.8% in the same quarter last year [1]. - Net cash provided by operating activities reached a record high of $255.1 million in FY2024, up from $209.1 million in FY2023 [1][24]. Sales and Revenue - Sales for Q4 FY2024 decreased by 0.7% to $343.4 million from $345.9 million in Q4 FY2023, with organic sales growth of 1.6% offset by foreign currency translation and divestitures [3]. - For the year ended July 31, 2024, sales increased by 0.7% to $1.34 billion compared to $1.33 billion in the prior year, with organic sales growth of 2.6% [6]. Income Metrics - Income before income taxes rose 6.9% to $68.2 million in Q4 FY2024 from $63.8 million in Q4 FY2023, while net income increased to $55.5 million from $49.4 million [4][5]. - For the year ended July 31, 2024, income before income taxes increased 9.8% to $247.8 million, and net income rose to $197.2 million from $174.9 million [7][8]. Shareholder Returns - The Board of Directors authorized an additional $100 million for share repurchase, equating to approximately 1.5 million shares or about 3.0% of total outstanding shares [1][10]. - In FY2024, the company repurchased 1.3 million shares for $72.2 million and returned $45.1 million to shareholders in dividends [9]. Guidance for Fiscal 2025 - The company expects GAAP diluted EPS to range from $4.15 to $4.45, representing a 2.0% to 9.3% increase over the previous year's GAAP EPS of $4.07 [11]. - Diluted EPS excluding certain items is projected to range from $4.40 to $4.70, indicating a 4.3% to 11.4% increase over the previous year's figure of $4.22 [12].