Brady Q2 Profit Rises

(RTTNews) - Brady Corp. (BRC) reported that its net earnings for the second-quarter ended January 31, 2019 were $29.2 million compared to $4.3 million in the same quarter last year. Net earnings during the prior year quarter were reduced by $21.1 million due to income tax charges primarily related to the passage of the U.S. Tax Cuts and Jobs Act of 2017.

Net earnings per Class A Nonvoting Common Share were $0.55 for the second quarter of fiscal 2019 compared to $0.08 in the same quarter last year. The impact on income tax expense for the prior year quarter ended January 31, 2018 from tax charges primarily related to the enactment of the U.S. tax legislation was a reduction in earnings per diluted share of approximately $0.40.

Sales for the quarter ended January 31, 2019 were $282.4 million compared to $287.8 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share and revenues of $285.5 million. Analysts' estimates typically exclude special items.

The company increased its full year fiscal 2019 earnings per Class A Nonvoting Common Share guidance from its previous range of $2.20 to $2.30 to a range of $2.25 to $2.35. Analysts expect annual earnings of $2.28 per share.