Brady sales decline but earnings improve
Despite a decrease in sales, Brady Corporation reported that earnings increased for its fiscal fourth quarter.
Brady reported net earnings for the quarter were $25.1 million compared to a loss of $39.4 million for the same quarter last year.
Earnings per diluted share were 49 cents, compared to a loss of 77 cents in the same quarter last year.
Sales for the quarter decreased 2.3 percent to $282.1 million compared to $288.6 million in the fourth quarter of fiscal 2015. Total organic sales decreased 0.9 percent and foreign currency translation decreased sales by 1.4 percent. By segment, organic sales decreased 0.2 percent in Identification Solutions and decreased 2.7 percent in Workplace Safety.
Net earnings for the year were $80.1 million, $1.58 per share, compared to net earnings of $4.9 million, or 10 cents, last year. Non-GAAP net earnings from continuing operations* were $65.5 million for the year ended July 31, 2015.
Sales for the year ended decreased 4.4 percent to $1.12 billion compared to $1.17 billion last year.