Milwaukee-based Brady Corp. reported fiscal third quarter net income of $28.6 million, or 54 cents per share, up 20.7 percent from $23.7 million, or 45 cents per share, in the same period a year ago.
The company’s quarterly sales grew 4.9 percent to $337.9 million from $321.9 million a year earlier.
Organic sales growth was 1.0 percent, acquisitions net of divestitures contributed 0.4 percent to sales, and the impact of foreign currency translation increased sales by 3.5 percent.
"While organic sales were relatively flat, we saw a 20.7-percent increase in net income. Our focus on process improvement and process standardization through the Brady Business Performance System is having a positive impact on our ability to turn organic sales growth into net income growth," said Frank Jaehnert, Brady’s president and chief executive officer.
"Our strong cash generation remains a highlight for Brady with an ending cash balance of $374 million at April 30, 2011. We remain focused on putting our cash to work through investment in organic growth opportunities as well as strategic acquisitions," said Brady chief financial officer Thomas Felmer. "We are tightening our previously provided full-year guidance range for earnings per diluted Class A Common share to $2.20 to $2.30, from between $2.15 and $2.35 per diluted Class A Common share. This is exclusive of pre-tax restructuring charges of $8 to $10 million, or $0.11 to $0.14 per share."
