Brady Posts Lower Q1 Profit; Backs FY14 Earnings View - Quick Facts

(RTTNews) - Brady Corp. (BRC), a provider of identification solutions, said its first-quarter net earnings slid to $23.9 million, from last year's $27.2 million, with net earnings per Class A Nonvoting Common Share dropping year-over-year to $0.46, from $0.53.

On a non-GAAP basis, net earnings from continuing operations totaled $22.1 million, and earnings from continuing operations per Class A diluted nonvoting share were $0.42 in the fiscal first quarter. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.48 for the quarter. Analysts' estimates typically exclude one-time items.

On the other hand, quarterly sales from continuing operations reached $306.0 million, up 13.0 percent, compared with the prior year's $270.9 million. The Street expected the company to report revenues of $309.2 million. Organic sales fell 2.2 percent, the acquisition of Precision Dynamics Corp. added 15.6 percent to sales, and the impact of foreign currency translation decreased sales by 0.4 percent, the company noted.

For fiscal 2014, the firm expects organic sales from continuing operations to range from a slight contraction to low single-digit growth, with organic sales down in the first half of the year and returning to growth in the second half of fiscal 2014. Annual guidance for earnings from continuing operations per diluted Class A Nonvoting Common Share remains unchanged at $1.80 - $2.00, exclusive of restructuring charges. Six analysts project full-year earnings of $1.85 per share for the year.