05.28.15
Brady Corporation reported its financial results for its fiscal 2015 third quarter ended April 30, 2015. Sales for the quarter ended April 30, 2015 decreased 6.3% to $290.2 million compared to $309.6 million in the third quarter of fiscal 2014. Total organic sales increased 1.7% and foreign currency translation decreased sales by 8.0%. By segment, organic sales increased 3.0% in Identification Solutions and decreased 1.1% in Workplace Safety.
Earnings from continuing operations for the quarter ended April 30, 2015 were $17.2 million, compared to $20.2 million in the same quarter last year.
Sales for the nine-month period ended April 30, 2015 decreased 2.8% to $883.1 million, compared to $908.3 million in the same period in fiscal 2014. Total organic sales increased 1.8% and the impact of foreign currency translation decreased sales by 4.6%. By segment, organic sales increased 2.4% in Identification Solutions and increased 0.6% in Workplace Safety.
Earnings from continuing operations for the nine-month period ended April 30, 2015 were $44.3 million, compared to $48.8 million in the same period in fiscal 2014.
“After just over nine months with Brady, I’m impressed with the dedication of our team as well as the progress we’ve made on our initiatives this fiscal year,” said J. Michael Nauman, Brady president and CEO. “I’m confident that we are investing in the right initiatives to deliver shareholder value over the long term. However, we still remain challenged by operational inefficiencies stemming from certain facilities that were recently consolidated, and we are focused on executing business fundamentals to drive organic sales and improve profitability while still achieving efficiency gains over the long term. We are investing in research and development and sales resources in selected industries, as well as building an improved, scalable digital platform that will generate value for Brady and enhance our customer experience.”
“We are focused on controlling non-customer facing selling, general and administrative expenses and driving cash flow improvements. Net cash provided by operating activities was $28.8 million during the quarter ended April 30, 2015, up from $5.3 million during the previous quarter ended Jan. 31, 2015,” said Brady CFO Aaron Pearce. “As a result of our customer service and operational challenges due to the facility consolidations as well as less than originally anticipated organic sales in our Workplace Safety business, we do not anticipate our fourth quarter financial results to significantly improve over what we experienced in the third quarter.”
Earnings from continuing operations for the quarter ended April 30, 2015 were $17.2 million, compared to $20.2 million in the same quarter last year.
Sales for the nine-month period ended April 30, 2015 decreased 2.8% to $883.1 million, compared to $908.3 million in the same period in fiscal 2014. Total organic sales increased 1.8% and the impact of foreign currency translation decreased sales by 4.6%. By segment, organic sales increased 2.4% in Identification Solutions and increased 0.6% in Workplace Safety.
Earnings from continuing operations for the nine-month period ended April 30, 2015 were $44.3 million, compared to $48.8 million in the same period in fiscal 2014.
“After just over nine months with Brady, I’m impressed with the dedication of our team as well as the progress we’ve made on our initiatives this fiscal year,” said J. Michael Nauman, Brady president and CEO. “I’m confident that we are investing in the right initiatives to deliver shareholder value over the long term. However, we still remain challenged by operational inefficiencies stemming from certain facilities that were recently consolidated, and we are focused on executing business fundamentals to drive organic sales and improve profitability while still achieving efficiency gains over the long term. We are investing in research and development and sales resources in selected industries, as well as building an improved, scalable digital platform that will generate value for Brady and enhance our customer experience.”
“We are focused on controlling non-customer facing selling, general and administrative expenses and driving cash flow improvements. Net cash provided by operating activities was $28.8 million during the quarter ended April 30, 2015, up from $5.3 million during the previous quarter ended Jan. 31, 2015,” said Brady CFO Aaron Pearce. “As a result of our customer service and operational challenges due to the facility consolidations as well as less than originally anticipated organic sales in our Workplace Safety business, we do not anticipate our fourth quarter financial results to significantly improve over what we experienced in the third quarter.”