Brady Corporation Reports Record EPS in its Fiscal 2024 Fourth Quarter, Expands its Share Buyback Program and Announces its Fiscal 2025 EPS Guidance
Brady (NYSE: BRC) reported record EPS in its fiscal 2024 fourth quarter. Diluted EPS increased 15.0% to $1.15, while Diluted EPS Excluding Certain Items rose 14.4% to $1.19. The company's gross profit margin improved to 51.6%, and net cash from operating activities reached a record $255.1 million. Brady's Board authorized an additional $100 million for share repurchases. For fiscal 2025, the company projects Diluted EPS between $4.15 and $4.45 on a GAAP basis, and $4.40 to $4.70 on a non-GAAP basis. Despite a slight 0.7% decrease in Q4 sales, Brady saw organic sales growth of 1.6% and increased income before taxes by 6.9% to $68.2 million.
Brady (NYSE: BRC) ha riportato un record di EPS nel quarto trimestre dell'anno fiscale 2024. L'EPS diluito è aumentato del 15,0%, raggiungendo $1,15, mentre l'
Brady (NYSE: BRC) reportó un récord de EPS en su cuarto trimestre del año fiscal 2024. El EPS diluido aumentó un 15,0% a $1,15, mientras que el EPS diluido excluyendo ciertos ítems subió un 14,4% a $1,19. El margen de beneficio bruto de la compañía mejoró al 51,6% y el flujo de caja neto de las actividades operativas alcanzó un récord de $255,1 millones. La Junta de Brady autorizó $100 millones adicionales para la recompra de acciones. Para el año fiscal 2025, la compañía prevé un EPS diluido entre $4,15 y $4,45 en base GAAP, y entre $4,40 y $4,70 en base no GAAP. A pesar de una ligera disminución del 0,7% en las ventas del cuarto trimestre, Brady vio un crecimiento orgánico de ventas del 1,6% y aumentó el ingreso antes de impuestos en un 6,9% a $68,2 millones.
브래디 (NYSE: BRC)는 2024 회계 연도 4분기에 사상 최고 EPS를 보고했습니다. 희석 EPS는 15.0% 증가하여 $1.15에 이르렀고, 특정 항목을 제외한 희석 EPS는 14.4% 상승하여 $1.19가 되었습니다. 회사의 매출 총이익률은 51.6%로 개선되었으며, 영업활동으로 인한 순현금 흐름은 $255.1 백만으로 사상 최고치를 기록했습니다. 브래디 이사회는 주식 매입을 위해 추가로 $100 백만을 승인하였습니다. 2025 회계 연도에 대해 회사는 GAAP 기준으로 희석 EPS가 $4.15에서 $4.45 사이, 비 GAAP 기준으로는 $4.40에서 $4.70 사이가 될 것으로 예상하고 있습니다. 4분기 판매가 0.7% 감소했음에도 불구하고, 브래디는 유기적 판매 성장률이 1.6% 증가하고 세전 수익이 6.9% 증가하여 $68.2 백만에 이르렀습니다.
Brady (NYSE: BRC) a annoncé un chiffre record d'EPS pour le quatrième trimestre de l'exercice 2024. L'EPS dilué a augmenté de 15,0% pour atteindre $1,15, tandis que L'EPS dilué excluant certains éléments a progressé de 14,4% pour atteindre $1,19. La marge bénéficiaire brute de la société s'est améliorée à 51,6%, et le flux de trésorerie net des activités opérationnelles a atteint un record de $255,1 millions. Le conseil d'administration de Brady a autorisé un montant supplémentaire de $100 millions pour le rachat d'actions. Pour l'exercice 2025, la société prédit un EPS dilué compris entre $4,15 et $4,45 selon les normes GAAP, et entre $4,40 et $4,70 selon les normes non GAAP. Malgré une légère baisse de 0,7% des ventes au quatrième trimestre, Brady a enregistré une croissance des ventes organiques de 1,6% et a augmenté son revenu avant impôts de 6,9% pour atteindre $68,2 millions.
Brady (NYSE: BRC) hat im vierten Quartal des Geschäftsjahres 2024 einen Rekord für EPS gemeldet. Der verwässerte EPS stieg um 15,0% auf $1,15, während der verwässerte EPS ohne bestimmte Posten um 14,4% auf $1,19 zunahm. Die Bruttomarge des Unternehmens verbesserte sich auf 51,6%, und der Netto-Cashflow aus der operativen Tätigkeit erreichte einen Rekordwert von $255,1 Millionen. Der Vorstand von Brady genehmigte zusätzlich $100 Millionen für Aktienrückkäufe. Für das Geschäftsjahr 2025 prognostiziert das Unternehmen einen verwässerten EPS zwischen $4,15 und $4,45 auf GAAP-Basis und zwischen $4,40 und $4,70 auf Nicht-GAAP-Basis. Trotz eines leichten Verkaufsrückgangs von 0,7% im vierten Quartal verzeichnete Brady ein organisches Verkaufswachstum von 1,6% und erhöhte das Einkommen vor Steuern um 6,9% auf $68,2 Millionen.
- Record high Diluted EPS of $1.15 in Q4 2024, a 15.0% increase year-over-year
- Gross profit margin improved to 51.6% in Q4 2024 from 50.8% in Q4 2023
- Net cash from operating activities reached a record $255.1 million in fiscal 2024
- Board authorized an additional $100 million for share repurchases
- Positive fiscal 2025 EPS guidance, projecting growth over fiscal 2024 results
- Q4 2024 sales decreased 0.7% year-over-year to $343.4 million
- Organic sales declined 1.8% in Europe & Australia region
Insights
Brady 's Q4 fiscal 2024 results demonstrate robust financial performance. The 15% increase in diluted EPS to a record
The record
However, the
Brady's performance reflects resilience in a challenging global economic environment. The
The acquisition of Gravotech, expanding into direct part marking and laser engraving solutions, demonstrates Brady's commitment to portfolio diversification and market expansion. This strategic move could open new revenue streams and enhance the company's competitive position in the identification solutions market.
The increased share buyback program and consistent dividend payments reflect a balanced approach to capital allocation, potentially appealing to both growth and value investors. However, investors should monitor the impact of global economic conditions on Brady's performance, particularly in the European market.
- Diluted EPS increased 15.0 percent to a record high of
$1.15 in the fourth quarter of fiscal 2024 compared to$1.00 in the same quarter of the prior year. Diluted EPS Excluding Certain Items* increased 14.4 percent to a record high of$1.19 in the fourth quarter of fiscal 2024 compared to$1.04 in the same quarter of the prior year. - Gross profit margin increased to 51.6 percent in the fourth quarter of fiscal 2024 compared to 50.8 percent in the same quarter of the prior year.
- Net cash provided by operating activities increased to a record high of
$255.1 million in fiscal 2024 compared to$209.1 million in fiscal 2023. - On September 4, 2024, Brady’s Board of Directors authorized an additional
$100 million of shares for repurchase, which based on current share prices equates to approximately 1.5 million shares and approximately 3.0 percent of total outstanding shares. - Diluted EPS guidance for the year ending July 31, 2025 was announced at a range of
$4.15 t o$4.45 on a GAAP basis, and a range of$4.40 t o$4.70 on a non-GAAP basis.
MILWAUKEE, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2024 fourth quarter ended July 31, 2024.
Quarter Ended July 31, 2024 Financial Results:
Sales for the quarter ended July 31, 2024 decreased 0.7 percent, which consisted of organic sales growth of 1.6 percent, a decrease of 0.8 percent from foreign currency translation and a decrease of 1.5 percent from divestitures. Sales for the quarter ended July 31, 2024 were
Income before income taxes increased 6.9 percent to
Net income for the quarter ended July 31, 2024 was
Year Ended July 31, 2024 Financial Results:
Sales for the year ended July 31, 2024 increased 0.7 percent, which consisted of organic sales growth of 2.6 percent, an increase of 0.2 percent from foreign currency translation and a decrease of 2.1 percent from divestitures. Sales for the year ended July 31, 2024 were
Income before income taxes increased 9.8 percent to
Net income for the year ended July 31, 2024 was
Commentary:
“This quarter, we once again reported record-high EPS, marking Brady’s best earnings year ever. For the full year ended July 31, 2024, our GAAP EPS was
“In addition to our record EPS this quarter and this fiscal year, we also used our strong balance sheet and cash generation to return funds to our shareholders through share buybacks and increased dividends. This year, we repurchased a total of 1.3 million shares for
Share Buyback Program:
On September 4, 2024, Brady’s Board of Directors authorized an additional
Fiscal 2025 Guidance:
The Company expects GAAP earnings per diluted Class A Nonvoting Common Share to range from
The Company also expects Diluted EPS Excluding Certain Items* to range from
Included in fiscal 2025 guidance are a full-year income tax rate of approximately 20 percent and depreciation and amortization expense ranging from
A webcast regarding Brady’s fiscal 2024 fourth quarter financial results will be available at www.bradycorp.com/investors beginning at 9:30 a.m. central time today.
Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software. Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2024, employed approximately 5,700 people in its worldwide businesses. Brady’s fiscal 2024 sales were approximately
* Income Before Income Taxes Excluding Certain Items, Net Income Excluding Certain Items, and Diluted EPS Excluding Certain Items are non-GAAP measures. See appendix for more information on these measures, including reconciliations to the most directly comparable GAAP measures.
In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations.
The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: increased cost of raw materials and labor as well as material shortages and supply chain disruptions; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate and grow acquired companies, and to manage contingent liabilities from divested businesses; difficulties in protecting our websites, networks, and systems against security breaches; risks associated with the loss of key employees; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; global climate change and environmental regulations; litigation, including product liability claims; foreign currency fluctuations; changes in tax legislation and tax rates; potential write-offs of goodwill and other intangible assets; differing interests of voting and non-voting shareholders and changes in the regulatory and business environment around dual-class voting structures; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2024.
These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.
For More Information:
Investor contact: Ann Thornton 414-438-6887
Media contact: Kate Venne 414-358-5176
| BRADY CORPORATION AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited; Dollars in thousands, except per share data) | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 343,402 | $ | 345,929 | $ | 1,341,393 | $ | 1,331,863 | |||||||
| Cost of goods sold | 166,347 | 170,049 | 653,509 | 674,588 | |||||||||||
| Gross margin | 177,055 | 175,880 | 687,884 | 657,275 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 17,533 | 16,340 | 67,748 | 61,365 | |||||||||||
| Selling, general and administrative | 93,307 | 97,495 | 376,722 | 370,697 | |||||||||||
| Total operating expenses | 110,840 | 113,835 | 444,470 | 432,062 | |||||||||||
| Operating income | 66,215 | 62,045 | 243,414 | 225,213 | |||||||||||
| Other income (expense): | |||||||||||||||
| Investment and other income | 2,835 | 2,426 | 7,553 | 4,022 | |||||||||||
| Interest expense | (842 | ) | (653 | ) | (3,126 | ) | (3,539 | ) | |||||||
| Income before income taxes | 68,208 | 63,818 | 247,841 | 225,696 | |||||||||||
| Income tax expense | 12,752 | 14,440 | 50,626 | 50,839 | |||||||||||
| Net income | $ | 55,456 | $ | 49,378 | $ | 197,215 | $ | 174,857 | |||||||
| Net income per Class A Nonvoting Common Share: | |||||||||||||||
| Basic | $ | 1.17 | $ | 1.01 | $ | 4.10 | $ | 3.53 | |||||||
| Diluted | $ | 1.15 | $ | 1.00 | $ | 4.07 | $ | 3.51 | |||||||
| Net income per Class B Voting Common Share: | |||||||||||||||
| Basic | $ | 1.17 | $ | 1.01 | $ | 4.08 | $ | 3.51 | |||||||
| Diluted | $ | 1.15 | $ | 1.00 | $ | 4.05 | $ | 3.49 | |||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 47,595 | 49,099 | 48,119 | 49,591 | |||||||||||
| Diluted | 48,063 | 49,377 | 48,496 | 49,869 | |||||||||||
| BRADY CORPORATION AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Dollars in thousands) | |||||||
| July 31, 2024 | July 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 250,118 | $ | 151,532 | |||
| Accounts receivable, net of allowance for credit losses of | 185,486 | 184,420 | |||||
| Inventories | 152,729 | 177,078 | |||||
| Prepaid expenses and other current assets | 11,382 | 11,790 | |||||
| Total current assets | 599,715 | 524,820 | |||||
| Property, plant and equipment—net | 195,758 | 142,149 | |||||
| Goodwill | 589,611 | 592,646 | |||||
| Other intangible assets | 51,839 | 62,096 | |||||
| Deferred income taxes | 15,596 | 15,716 | |||||
| Operating lease assets | 38,504 | 29,688 | |||||
| Other assets | 24,546 | 22,142 | |||||
| Total | $ | 1,515,569 | $ | 1,389,257 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 84,691 | $ | 79,855 | |||
| Accrued compensation and benefits | 77,954 | 71,470 | |||||
| Taxes, other than income taxes | 14,061 | 13,575 | |||||
| Accrued income taxes | 7,424 | 12,582 | |||||
| Current operating lease liabilities | 13,382 | 14,726 | |||||
| Other current liabilities | 67,170 | 65,828 | |||||
| Total current liabilities | 264,682 | 258,036 | |||||
| Long-term debt | 90,935 | 49,716 | |||||
| Long-term operating lease liabilities | 25,342 | 16,217 | |||||
| Other liabilities | 67,952 | 74,369 | |||||
| Total liabilities | 448,911 | 398,338 | |||||
| Stockholders’ equity: | |||||||
| Common stock: | |||||||
| Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 44,042,462 and 45,008,724 shares, respectively | 513 | 513 | |||||
| Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 | |||||
| Additional paid-in capital | 353,654 | 351,771 | |||||
| Retained earnings | 1,174,025 | 1,021,870 | |||||
| Treasury stock—7,219,025 and 6,252,763 shares, respectively, of Class A nonvoting common stock, at cost | (351,947 | ) | (290,209 | ) | |||
| Accumulated other comprehensive loss | (109,622 | ) | (93,061 | ) | |||
| Total stockholders’ equity | 1,066,658 | 990,919 | |||||
| Total | $ | 1,515,569 | $ | 1,389,257 | |||
| BRADY CORPORATION AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited; Dollars in thousands) | |||||||
| Year ended July 31, | |||||||
| 2024 | 2023 | ||||||
| Operating activities: | |||||||
| Net income | $ | 197,215 | $ | 174,857 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 29,873 | 32,370 | |||||
| Stock-based compensation expense | 7,361 | 7,508 | |||||
| Gain on sale of business | — | (3,770 | ) | ||||
| Deferred income taxes | (9,399 | ) | (12,472 | ) | |||
| Other | 1,401 | (308 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (6,581 | ) | 2,380 | ||||
| Inventories | 21,697 | 14,972 | |||||
| Prepaid expenses and other assets | (743 | ) | (1,023 | ) | |||
| Accounts payable and accrued liabilities | 19,198 | (9,459 | ) | ||||
| Income taxes | (4,948 | ) | 4,094 | ||||
| Net cash provided by operating activities | 255,074 | 209,149 | |||||
| Investing activities: | |||||||
| Purchases of property, plant and equipment | (79,892 | ) | (19,226 | ) | |||
| Sale of business | — | 8,000 | |||||
| Other | (1,155 | ) | 12 | ||||
| Net cash used in investing activities | (81,047 | ) | (11,214 | ) | |||
| Financing activities: | |||||||
| Payment of dividends | (45,060 | ) | (45,404 | ) | |||
| Proceeds from exercise of stock options | 8,186 | 4,091 | |||||
| Payments for employee taxes withheld from stock-based awards | (2,797 | ) | (2,041 | ) | |||
| Purchase of treasury stock | (72,225 | ) | (74,996 | ) | |||
| Proceeds from borrowing on credit agreement | 175,103 | 127,660 | |||||
| Repayment of borrowing on credit agreement | (133,884 | ) | (172,944 | ) | |||
| Other | 149 | 66 | |||||
| Net cash used in financing activities | (70,528 | ) | (163,568 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (4,913 | ) | 3,096 | ||||
| Net increase in cash and cash equivalents | 98,586 | 37,463 | |||||
| Cash and cash equivalents, beginning of period | 151,532 | 114,069 | |||||
| Cash and cash equivalents, end of period | $ | 250,118 | $ | 151,532 | |||
| BRADY CORPORATION AND SUBSIDIARIES | |||||||||||||||
| SEGMENT INFORMATION | |||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| NET SALES | |||||||||||||||
| Americas & Asia | $ | 228,493 | $ | 227,482 | $ | 886,528 | $ | 888,857 | |||||||
| Europe & Australia | 114,909 | 118,447 | 454,865 | 443,006 | |||||||||||
| Total | $ | 343,402 | $ | 345,929 | $ | 1,341,393 | $ | 1,331,863 | |||||||
| SALES INFORMATION | |||||||||||||||
| Americas & Asia | |||||||||||||||
| Organic | 3.4 | % | 5.6 | % | 3.1 | % | 4.4 | % | |||||||
| Currency | (0.8 | )% | (0.2 | )% | (0.2 | )% | (0.9 | )% | |||||||
| Divestiture | (2.2 | )% | (1.0 | )% | (3.2 | )% | (0.3 | )% | |||||||
| Total | 0.4 | % | 4.4 | % | (0.3 | )% | 3.2 | % | |||||||
| Europe & Australia | |||||||||||||||
| Organic | (1.8 | )% | 9.5 | % | 1.6 | % | 7.6 | % | |||||||
| Currency | (1.2 | )% | 2.0 | % | 1.1 | % | (7.1 | )% | |||||||
| Total | (3.0 | )% | 11.5 | % | 2.7 | % | 0.5 | % | |||||||
| Total Company | |||||||||||||||
| Organic | 1.6 | % | 6.9 | % | 2.6 | % | 5.5 | % | |||||||
| Currency | (0.8 | )% | 0.6 | % | 0.2 | % | (3.0 | )% | |||||||
| Divestiture | (1.5 | )% | (0.7 | )% | (2.1 | )% | (0.2 | )% | |||||||
| Total | (0.7 | )% | 6.8 | % | 0.7 | % | 2.3 | % | |||||||
| SEGMENT PROFIT | |||||||||||||||
| Americas & Asia | $ | 53,353 | $ | 49,992 | $ | 196,842 | $ | 180,503 | |||||||
| Europe & Australia | 19,277 | 18,426 | 70,612 | 65,742 | |||||||||||
| Total segment profit | $ | 72,630 | $ | 68,418 | $ | 267,454 | $ | 246,245 | |||||||
| SEGMENT PROFIT AS A PERCENT OF NET SALES | |||||||||||||||
| Americas & Asia | 23.3 | % | 22.0 | % | 22.2 | % | 20.3 | % | |||||||
| Europe & Australia | 16.8 | % | 15.6 | % | 15.5 | % | 14.8 | % | |||||||
| Total | 21.2 | % | 19.8 | % | 19.9 | % | 18.5 | % | |||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total segment profit | $ | 72,630 | $ | 68,418 | $ | 267,454 | $ | 246,245 | |||||||
| Unallocated amounts: | |||||||||||||||
| Administrative costs | (6,415 | ) | (6,373 | ) | (24,040 | ) | (24,802 | ) | |||||||
| Gain on sale of business | - | - | - | 3,770 | |||||||||||
| Investment and other income | 2,835 | 2,426 | 7,553 | 4,022 | |||||||||||
| Interest expense | (842 | ) | (653 | ) | (3,126 | ) | (3,539 | ) | |||||||
| Income before income taxes | $ | 68,208 | $ | 63,818 | $ | 247,841 | $ | 225,696 | |||||||
| GAAP to NON-GAAP MEASURES | |||||||||||||||
| (Unaudited; Dollars in Thousands, Except Per Share Amounts) | |||||||||||||||
| In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. | |||||||||||||||
| Income Before Income Taxes Excluding Certain Items: | |||||||||||||||
| Brady is presenting the non-GAAP measure, "Income Before Income Taxes Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income before income taxes to the non-GAAP measure of Income Before Income Taxes Excluding Certain Items: | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income before income taxes (GAAP measure) | $ | 68,208 | $ | 63,818 | $ | 247,841 | $ | 225,696 | |||||||
| Amortization expense | 2,337 | 2,389 | 9,421 | 11,739 | |||||||||||
| Gain on sale of business | - | - | - | (3,770 | ) | ||||||||||
| Income Before Income Taxes Excluding Certain Items (non-GAAP measure) | $ | 70,545 | $ | 66,207 | $ | 257,262 | $ | 233,665 | |||||||
| Income Tax Expense Excluding Certain Items: | |||||||||||||||
| Brady is presenting the non-GAAP measure, "Income Tax Expense Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income tax expense to the non-GAAP measure of Income Tax Expense Excluding Certain Items: | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income tax expense (GAAP measure) | $ | 12,752 | $ | 14,440 | $ | 50,626 | $ | 50,839 | |||||||
| Amortization expense | 540 | 553 | 2,182 | 2,756 | |||||||||||
| Gain on sale of business | - | - | - | (1,431 | ) | ||||||||||
| Income Tax Expense Excluding Certain Items (non-GAAP measure) | $ | 13,292 | $ | 14,993 | $ | 52,808 | $ | 52,164 | |||||||
| Net Income Excluding Certain Items: | |||||||||||||||
| Brady is presenting the non-GAAP measure, "Net Income Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income to the non-GAAP measure of Net Income Excluding Certain Items: | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (GAAP measure) | $ | 55,456 | $ | 49,378 | $ | 197,215 | $ | 174,857 | |||||||
| Amortization expense | 1,797 | 1,836 | 7,239 | 8,983 | |||||||||||
| Gain on sale of business | - | - | - | (2,339 | ) | ||||||||||
| Net Income Excluding Certain Items (non-GAAP measure) | $ | 57,253 | $ | 51,214 | $ | 204,454 | $ | 181,501 | |||||||
| Diluted EPS Excluding Certain Items: | |||||||||||||||
| Brady is presenting the non-GAAP measure, "Diluted EPS Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income per Class A Nonvoting Common Share to the non-GAAP measure of Diluted EPS Excluding Certain Items (Note that certain amounts will not foot due to rounding): | |||||||||||||||
| Three months ended July 31, | Year ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income per Class A Nonvoting Common Share (GAAP measure) | $ | 1.15 | $ | 1.00 | $ | 4.07 | $ | 3.51 | |||||||
| Amortization expense | 0.04 | 0.04 | 0.15 | 0.18 | |||||||||||
| Gain on sale of business | - | - | - | (0.05 | ) | ||||||||||
| Diluted EPS Excluding Certain Items (non-GAAP measure) | $ | 1.19 | $ | 1.04 | $ | 4.22 | $ | 3.64 | |||||||
| Diluted EPS Excluding Certain Items Guidance: | Fiscal 2025 Expectations | ||||||||||||||
| Low | High | ||||||||||||||
| Earnings per diluted Class A Common Share (GAAP measure) | $ | 4.15 | $ | 4.45 | |||||||||||
| Amortization expense | 0.25 | 0.25 | |||||||||||||
| Diluted EPS Excluding Certain Items (non-GAAP measure) | $ | 4.40 | $ | 4.70 | |||||||||||
FAQ
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How much additional share repurchase did Brady's (BRC) Board authorize in September 2024?
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