Brady Q3 Net Income Rises; Increases FY24 Earnings Guidance

(RTTNews) - Brady Corporation (BRC) reported third quarter net income of $50.9 million compared to $48.1 million, last year. Earnings per Class A nonvoting common share were $1.05, compared to $0.96. Excluding items, net income was $52.7 million compared to $47.6 million, last year. EPS excluding items increased 14.7% to $1.09 from $0.95. Analysts polled by Thomson Reuters expected the company to report profit per share of $1.02, for the quarter. Analysts' estimates typically exclude special items.

Sales were $343.4 million compared to $337.1 million in the same quarter last year. Organic sales growth was 4.5%. Analysts on average had estimated $339.8 million in revenue.

The company raised GAAP earnings per Class A nonvoting common share guidance for the year ending July 31, 2024 from the previous guidance range of $3.80 to $3.95 per share to the new full year guidance range of $3.93 to $4.00 per share. The company raised EPS excluding items guidance for the year ending July 31, 2024 from the previous range of $3.95 to $4.10 per share to the new full year guidance range of $4.08 to $4.15 per share. Analysts expect the company to report profit per share of $3.99.

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