02.23.17
Brady Corporation reported its financial results for its fiscal 2017 second quarter ended Jan. 31, 2017.
Net earnings for the quarter ended Jan. 31, 2017, were $25.3 million compared to $15.3 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.49 for the quarter ended Jan. 31, 2017, compared to $0.30 in the same quarter last year.
Sales for the quarter ended Jan. 31, 2017, decreased 0.2% to $268.0 million compared to $268.6 million in the same quarter last year. Total organic sales increased 1.3% while the impact of foreign currency translation decreased sales by 1.5%. By segment, organic sales increased 1.9% in Identification Solutions and decreased 0.2% in Workplace Safety.
Net earnings for the six-month period ended Jan. 31, 2017, were $47.9 million compared to $34.0 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.93 for the six-month period ended Jan. 31, 2017, compared to $0.67 in the same period in fiscal 2016.
Sales for the six-month period ended Jan. 31, 2017, decreased 0.6% to $548.2 million compared to $551.7 million in the same quarter last year. Total organic sales increased 0.5% while foreign currency translation decreased sales by 1.1%. By segment, organic sales increased 1.3% in Identification Solutions and decreased 1.3% in Workplace Safety.
“Our continued focus on developing high-quality products, identifying efficiencies in our SG&A structure, and driving a culture of local ownership and accountability is working. This quarter marks our sixth consecutive quarter of year-over-year earnings growth. Our actions to improve organic sales are also working as we realized organic sales growth of 1.3% this quarter and are at 0.5% organic sales growth year-to-date. However, we do expect to see choppy organic growth patterns in the future as our initiatives gain traction and due to fewer billing days in the second half of fiscal 2017,” said J. Michael Nauman, Brady’s president and CEO. “We believe our actions are starting to result in long-term positive organic sales trends, which we expect will translate into future profit improvements. Looking forward, our priorities remain unchanged, which are to grow our pipeline of innovative new products, deliver efficiency gains, and serve our customers extremely well.”
“We continue to see profitability improvements as we focus on driving efficiencies throughout our manufacturing operations while actively reducing our selling, general and administrative expense structure, all while investing in organic growth opportunities,” said Brady’s CFO Aaron Pearce. “Cash generation for the quarter ended Jan. 31, 2017, was below that of last year due to the timing of certain payments. After taking the impact of these timing items into account, it is clear that our trend of solid cash generation continues as we finished with net debt of $37.7 million as of Jan. 31, 2017, compared to net debt of $132.5 million as of Jan. 31, 2016.”
Net earnings for the quarter ended Jan. 31, 2017, were $25.3 million compared to $15.3 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.49 for the quarter ended Jan. 31, 2017, compared to $0.30 in the same quarter last year.
Sales for the quarter ended Jan. 31, 2017, decreased 0.2% to $268.0 million compared to $268.6 million in the same quarter last year. Total organic sales increased 1.3% while the impact of foreign currency translation decreased sales by 1.5%. By segment, organic sales increased 1.9% in Identification Solutions and decreased 0.2% in Workplace Safety.
Net earnings for the six-month period ended Jan. 31, 2017, were $47.9 million compared to $34.0 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.93 for the six-month period ended Jan. 31, 2017, compared to $0.67 in the same period in fiscal 2016.
Sales for the six-month period ended Jan. 31, 2017, decreased 0.6% to $548.2 million compared to $551.7 million in the same quarter last year. Total organic sales increased 0.5% while foreign currency translation decreased sales by 1.1%. By segment, organic sales increased 1.3% in Identification Solutions and decreased 1.3% in Workplace Safety.
“Our continued focus on developing high-quality products, identifying efficiencies in our SG&A structure, and driving a culture of local ownership and accountability is working. This quarter marks our sixth consecutive quarter of year-over-year earnings growth. Our actions to improve organic sales are also working as we realized organic sales growth of 1.3% this quarter and are at 0.5% organic sales growth year-to-date. However, we do expect to see choppy organic growth patterns in the future as our initiatives gain traction and due to fewer billing days in the second half of fiscal 2017,” said J. Michael Nauman, Brady’s president and CEO. “We believe our actions are starting to result in long-term positive organic sales trends, which we expect will translate into future profit improvements. Looking forward, our priorities remain unchanged, which are to grow our pipeline of innovative new products, deliver efficiency gains, and serve our customers extremely well.”
“We continue to see profitability improvements as we focus on driving efficiencies throughout our manufacturing operations while actively reducing our selling, general and administrative expense structure, all while investing in organic growth opportunities,” said Brady’s CFO Aaron Pearce. “Cash generation for the quarter ended Jan. 31, 2017, was below that of last year due to the timing of certain payments. After taking the impact of these timing items into account, it is clear that our trend of solid cash generation continues as we finished with net debt of $37.7 million as of Jan. 31, 2017, compared to net debt of $132.5 million as of Jan. 31, 2016.”
