Brady Corp. Q2 Net Income Rises, Organic Sales Up 6.3%; Raises Low End Of Earnings Guidance

(RTTNews) - Brady Corp. (BRC) reported second quarter net income of $38.0 million compared to $33.8 million in the same quarter last year. Earnings per class A nonvoting common share were $0.76, compared to $0.65. Net income excluding items was $40.5 million and EPS excluding items was $0.81 compared to $36.7 million, or $0.70 per share. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items.

Sales were $326.2 million compared to $318.1 million in the same quarter last year. Sales increased 2.6 percent, which consisted of an organic sales increase of 6.3 percent and a decrease of 3.7 percent from foreign currency translation. Analysts on average had estimated $313.68 million in revenue.

The company raised the low end of its GAAP earnings per class A nonvoting common share guidance for the year ending July 31, 2023 from the previous guidance range of $3.13 to $3.43 per share to the new full year guidance range of $3.23 to $3.43 per share. The company also raised the low end of EPS excluding items guidance for the year ending July 31, 2023 from the previous range of $3.30 to $3.60 per share to the new full year guidance range of $3.40 to $3.60 per share.

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