Brady (BRC)2024-05-22 11:05Earnings Guidance - Earnings per diluted Class A Common Share guidance for fiscal year ending July 31, 2024, raised to a new range of 4.00 on a GAAP basis and 4.15 on a non-GAAP basis[2][10]. - Diluted EPS Excluding Certain Items guidance for fiscal 2024 is projected between 4.15[41]. Sales Performance - Sales for the quarter ended April 30, 2024, increased by 1.9% to 998.0 million, with organic sales growth of 3.0%[4]. - Total net sales for the quarter ended April 30, 2024, were 337.1 million in the same quarter of the prior year[18]. - Net sales for the three months ended April 30, 2024, were 337,116 million in the same period of 2023, while net sales for the nine months ended April 30, 2024, reached 985,934 million in 2023[34]. Income and Earnings - Net income for the nine-month period ended April 30, 2024, was 125.5 million in the same period last year[9]. - Diluted EPS for the nine months ended April 30, 2024, was 2.51 in the same period last year[9]. - Net income for the quarter was 48.1 million in the same quarter last year[26]. - Diluted EPS for the quarter increased 9.4% to 1.09[24]. - For the nine-month period ended April 30, 2024, income before income taxes increased 11.0% to 161.9 million in the same period last year[27]. - Basic net income per Class A Nonvoting Common Share for the three months ended April 30, 2024, was 0.97 in 2023, and for the nine months, it rose to 2.52[34]. Cash Flow and Shareholder Returns - Net cash provided by operating activities was 129.9 million in the same period last year[6]. - The company repurchased 863,365 shares for 11.2 million to shareholders in dividends during the quarter[10]. Product Development and Innovation - The company launched several new products this quarter, focusing on innovation to drive future growth[5]. - The company is positioned for future success with an increased pace of innovative new product development[5]. Regional Sales Performance - Sales in the Americas & Asia increased by 0.9% and by 3.8% in Europe & Australia for the quarter ended April 30, 2024[3]. - Organic sales growth was 4.5% for the quarter, while foreign currency effects decreased sales by 0.3% and divestitures decreased sales by 2.3%[24]. Financial Position - Total current assets as of April 30, 2024, were 524,820 million as of July 31, 2023[35]. - Total liabilities increased to 398,338 million as of July 31, 2023[35]. - Stockholders' equity rose to 990,919 million as of July 31, 2023[35]. Operating Performance - Total segment profit for the quarter was 66.3 million in the same quarter last year[18]. - Gross margin improved to 169,691 million in 2023, and for the nine months, it increased to 481,395 million[34]. - Operating income for the three months ended April 30, 2024, was 63,001 million in 2023, with a nine-month operating income of 163,168 million in 2023[34]. Research and Development - Research and development expenses increased to 15,715 million in 2023, and for the nine months, it was 45,025 million in 2023[34].