Brady Corporation (BRC) has announced a net income of $50.9 million for the third quarter, up from $48.1 million in the same period last year. Earnings per Class A nonvoting common share reached $1.05, a rise from $0.96. When excluding special items, net income increased to $52.7 million, compared to $47.6 million from the previous year. Earnings per share (EPS), excluding items, saw a 14.7% boost to $1.09 from $0.95. These results surpass the expectations of analysts polled by Thomson Reuters, who had anticipated a profit per share of $1.02 for the quarter, typically excluding special items.
Third-quarter sales climbed to $343.4 million, up from $337.1 million in the prior year. The company reported an organic sales growth of 4.5%, exceeding the average analyst estimate of $339.8 million.
Brady Corporation has adjusted its GAAP earnings guidance for the fiscal year ending July 31, 2024. The new guidance for GAAP earnings per Class A nonvoting common share is now in the range of $3.93 to $4.00, up from the previous range of $3.80 to $3.95. Similarly, the EPS guidance, excluding items, has been raised to between $4.08 and $4.15 per share, up from the earlier range of $3.95 to $4.10. Analysts expect the company to report a profit per share of $3.99.
