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Jul 31, 2023
Brady Q4 2023 Earnings Report
Reported record EPS for Q4 2023, expanded share buyback program, and announced fiscal 2024 EPS guidance.
Key Takeaways
Brady Corporation reported a 6.8% increase in sales and a record EPS of $1.00 for the fourth quarter of fiscal year 2023. Organic sales increased by 6.9%. The company also expanded its share buyback program by $100 million and provided EPS guidance for fiscal year 2024.
Sales for the quarter increased 6.8 percent, with organic sales up by 6.9 percent.
Diluted EPS reached an all-time high of $1.00, a 23.5 percent increase year-over-year.
The company returned $56.4 million to shareholders through dividends and share repurchases during the quarter.
An additional $100 million was authorized for share repurchases.
Forward Guidance
Brady expects GAAP earnings per diluted Class A Nonvoting Common Share to range from $3.70 to $3.95, and Diluted EPS Excluding Certain Items* to range from $3.85 to $4.10 for the year ending July 31, 2024.
Positive Outlook
- GAAP earnings per diluted Class A Nonvoting Common Share to range from $3.70 to $3.95
- Increase of 5.4 percent to 12.5 percent over the GAAP earnings per diluted Class A nonvoting Common Share of $3.51 for the year ended July 31, 2023
- Diluted EPS Excluding Certain Items* to range from $3.85 to $4.10 for the year ending July 31, 2024
- Increase of 5.8 percent to 12.6 percent over Diluted EPS Excluding Certain Items* of $3.64 for the year ended July 31, 2023
- Full-year income tax rate of approximately 22 percent
Challenges Ahead
- Amortization expense equating to $0.15 per share for the year ending July 31, 2024.
- Capital expenditures are expected to approximate $75 million, which is inclusive of facility construction costs of approximately $55 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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