Brady earnings rise 20.6 percent
Brady Corporation said its fiscal 2017 first quarter net earnings increased 20.6 percent to $22.6 million compared to $18.7 million in the same quarter last year.
Earnings per diluted share of 44 cents compared to 37 cents in the same quarter last year.
Sales for the quarter decreased 1.0 percent to $280.2 million compared to $283.1 million in the same quarter last year. Total organic sales decreased 0.2 percent and foreign currency translation decreased sales by 0.8 percent. By segment, organic sales grew 0.7 percent in Identification Solutions and decreased 2.5 percent in Workplace Safety.
"Although organic sales declined by 0.2 percent this quarter, profitability improved compared to last year as our focus on driving operational efficiencies and actively reducing our general and administrative structure provided financial benefits again this quarter," said Brady's chief financial officer, Aaron Pearce. "As a result of our strong cash generation, our balance sheet provides significant flexibility for future investment and returning funds to our shareholders."