Brady Corporation Reports Fiscal 1Q 2018 Results

Brady Corporation reported its financial results for its fiscal 2018 first quarter ended Oct. 31, 2017. Net earnings for the quarter increased 14.6% to $25.8 million compared to $22.6 million in the same quarter last year.
 
Earnings per diluted Class A Nonvoting Common Share increased 11.4% to $0.49 for the quarter, compared to $0.44 in the same quarter last year.
 
Sales for the quarter increased 3.6% to $290.2 million compared to $280.2 million in the same quarter last year.Total organic sales increased 1.7% while foreign currency translation increased sales by 1.9%.By segment, organic sales increased 2.9% in Identification Solutions and decreased 1.4% in Workplace Safety.
 
“This marks our ninth consecutive quarter of year-over-year profit improvement,” said J. Michael Nauman, Brady’s president and CEO.“Organic sales growth was 1.7% this quarter, and we expect to continue this positive trend as our increased investment in research and development strengthens our new product pipeline.
 
“Profitability improved compared to last year as a direct result of our focus on organic sales growth and on driving efficiencies throughout our operations and across our selling, general and administrative expense structure. Cash provided by operating activities was $34.7 million in the first quarter, and we finished in a net cash position of $47.7 million compared to net cash of $26.2 million at the beginning of the quarter,” said Brady CFO Aaron Pearce.