Brady Q3 Profit Rises; Lifts FY23 Earnings View

(RTTNews) - Brady Corp. (BRC), an identification solutions provider, reported Thursday that its third-quarter net income was $48.05 million, compared to $40.05 million in the same quarter last year.

Earnings per Class A Nonvoting Common Share increased 23.1 percent to $0.96 in the third quarter from $0.78 last year.

Adjusted net income was $47.6 million or $0.95 per share, compared to $44.2 million or $0.86 per share a year ago.

On average, three analysts polled by Thomson Reuters expected earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter decreased 0.4 percent to $337.12 million from $338.55 million last year. Organic sales increased 1.9 percent.

The Street expected sales of $342.71 million for the quarter.

Looking ahead for fiscal 2023, the company now expects earnings of $3.32 to $3.47 per Class A Common Share, higher than previous estimate of $3.23 to $3.43.

Further, the company raised the low end of the adjusted earnings to the new range of $3.45 to $3.60 from the previous range of $3.40 to $3.60.

The analysts expect earnings of $3.48 per share for the year.

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