Brady Corporation sales decline but earnings improved
Brady Corporation reported net earnings for its fiscal third quarter were $21.0 million, compared to $17.2 million in the same quarter last year.
Earnings per diluted share were 42 cents, compared to 33 cents in the same period in 2015.
Sales for the quarter decreased 1.2 percent to $286.8 million, compared to $290.2 million in the third quarter of fiscal 2015. Total organic sales decreased 0.1 percent and foreign currency translation decreased sales by 1.1 percent. By segment, organic sales decreased 0.8 percent in Identification Solutions and increased 1.2 percent in Workplace Safety.
“Organic sales were essentially flat this quarter, and we expect to face continued economic challenges in certain industrial markets and geographies. Our top priorities remain unchanged, which are to grow our pipeline of innovative new products and deliver operational efficiencies while serving our customers exceptionally well," said Brady’s president and chief executive officer, J. Michael Nauman.