MILWAUKEE – Brady Corp. (NYSE: BRC), a provider of identification solutions, reported a profit for its third quarter ended April 30 that rose compared to the same period last year.
The company said its bottom line totaled $20.98 million, or 42 cents per share. This was up from $17.62 million, or 34 cents per share, in last year’s third quarter.
Analysts had expected the company to earn 34 cents per share, according figures compiled by Thomson Reuters.
Sales for the quarter decreased 1.2% to $286.8 million, compared to $290.2 million in the third quarter of fiscal 2015. Total organic sales decreased 0.1% and foreign currency translation decreased sales by 1.1%. By segment, organic sales decreased 0.8% in identification solutions and increased 1.2% in workplace safety.
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In a statement, Brady Corp. President and CEO J. Michael Nauman said the company continues to realize benefits from its focus on operational efficiency and local accountability. Brady’s gross profit margin, segment profit margins and net earnings have all improved on a year-over-year basis for the third consecutive quarter.
“Organic sales were essentially flat this quarter, and we expect to face continued economic challenges in certain industrial markets and geographies. Our top priorities remain unchanged, which are to grow our pipeline of innovative new products and deliver operational efficiencies while serving our customers exceptionally well,” he said.
