Brady Corporation Reports Record EPS in its Fiscal 2024 Third Quarter and Raises its Fiscal 2024 EPS Guidance

Core Viewpoint - Brady Corporation reported a 1.9% increase in sales for the third quarter of fiscal 2024, driven by organic sales growth of 4.5%, despite negative impacts from foreign currency translation and divestitures [2][8]. Financial Results - Quarterly Sales: Sales for the quarter ended April 30, 2024, were $343.4 million, up from $337.1 million in the same quarter last year [2]. - Income Before Taxes: Income before income taxes increased by 2.2% to $64.4 million compared to $63.0 million in the same quarter last year [3]. - Net Income: Net income rose to $50.9 million from $48.1 million year-over-year, with diluted earnings per share (EPS) increasing to $1.05 from $0.96 [4][8]. Nine-Month Period Results - Sales Growth: For the nine-month period ended April 30, 2024, sales increased by 1.2% to $998.0 million from $985.9 million in the same period last year [5]. - Income Before Taxes: Income before income taxes for the nine months increased by 11.0% to $179.6 million compared to $161.9 million in the prior year [6]. - Net Income: Net income for the nine-month period was $141.8 million, up from $125.5 million, with diluted EPS rising to $2.91 from $2.51 [7]. Segment Performance - Regional Sales: Sales in the Americas & Asia increased by 0.9%, while Europe & Australia saw a 3.8% increase, with organic sales growth of 4.5% and 4.4% respectively [2][25]. - Segment Profit: Total segment profit for the quarter was $69.2 million, compared to $66.3 million in the same quarter last year [26]. Cash Flow and Shareholder Returns - Operating Cash Flow: Net cash provided by operating activities for the nine months was $171.1 million, compared to $129.9 million in the same period last year [8]. - Shareholder Returns: The company repurchased 863,365 shares for $50.4 million and paid $11.2 million in dividends during the quarter [10]. Fiscal 2024 Guidance - Earnings Guidance: The company raised its GAAP EPS guidance for the fiscal year ending July 31, 2024, to a range of $3.93 to $4.00, and non-GAAP EPS guidance to $4.08 to $4.15 [11][12].