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Brady Corporation (BRC)

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39.29-0.39 (-0.98%)
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Previous Close39.68
Open39.52
Bid0.00 x 800
Ask0.00 x 1000
Day's Range39.00 - 40.29
52 Week Range33.00 - 59.11
Volume319,382
Avg. Volume208,021
Market Cap2.043B
Beta (5Y Monthly)0.70
PE Ratio (TTM)18.75
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.88 (2.22%)
Ex-Dividend DateOct 08, 2020
1y Target EstN/A
  • Sidoti Virtual Investor Conference
    ACCESSWIRE

    Sidoti Virtual Investor Conference

    * Presentation Times and Weblinks Released for Over 150 Presenting Companies * Day 1: Wednesday, September 23, 2020 * ALL INSTITUTIONAL AND RETAIL INVESTORS ARE WELCOMENEW YORK, NY / ACCESSWIRE / September 22, 2020 / Sidoti & Company, LLC has released the presentation schedule, with weblink click-throughs, for Wednesday, September 23, 2020, the first day of its two-day Fall 2020 Virtual Investor Conference.

  • GlobeNewswire

    Brady Corporation Reports Fiscal 2020 Fourth Quarter Results

    * Income before income taxes and losses of unconsolidated affiliate was $34.9 million in the fourth quarter of fiscal 2020 compared to $47.1 million in the same quarter of the prior year.  * Diluted EPS was $0.53 in the fourth quarter of fiscal 2020 compared to $0.68 in the same quarter of the prior year.  * Sales for the quarter declined 14.7 percent.  Organic sales declined 13.7 percent and the impact of foreign currency translation decreased sales by 1.0 percent.MILWAUKEE, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2020 fourth quarter ended July 31, 2020.Quarter Ended July 31, 2020 Financial Results:Income before income taxes and losses of unconsolidated affiliate declined 26.0 percent to $34.9 million for the quarter ended July 31, 2020, compared to $47.1 million in the same quarter last year.Net income for the quarter ended July 31, 2020 declined 24.4 percent to $27.7 million compared to $36.6 million in the same quarter last year.  Earnings per diluted Class A Nonvoting Common Share were $0.53 for the fourth quarter of fiscal 2020, compared to $0.68 in the same quarter last year.Sales for the quarter ended July 31, 2020 declined 14.7 percent, which consisted of an organic sales decline of 13.7 percent and a decline of 1.0 percent from foreign currency translation.  Sales for the quarter ended July 31, 2020 were $251.7 million compared to $295.3 million in the same quarter last year.  By segment, sales declined 22.8 percent in Identification Solutions and increased 9.7 percent in Workplace Safety, which consisted of an organic sales decline of 21.7 percent in Identification Solutions and organic sales growth of 10.8 percent in Workplace Safety.Year Ended July 31, 2020 Financial Results:Income before income taxes and losses of unconsolidated affiliate declined 14.4 percent to $140.9 million for the year ended July 31, 2020, compared to $164.6 million for the year ended July 31, 2019.  Income before income taxes and losses of unconsolidated affiliate was reduced by non-cash impairment charges of $13.8 million for the year ended July 31, 2020.Net income for the year ended July 31, 2020 declined 14.4 percent to $112.4 million compared to $131.3 million last year.  Earnings per diluted Class A Nonvoting Common Share were $2.11 for the year ended July 31, 2020, compared to $2.46 last year.  Diluted EPS was reduced by non-cash impairment charges of approximately $0.21 for the year ended July 31, 2020.Sales for the year ended July 31, 2020 declined 6.8 percent, which consisted of an organic sales decline of 5.4 percent and a decline of 1.4 percent from foreign currency translation.  Fiscal 2020 sales were $1.08 billion compared to $1.16 billion last year.  By segment, sales declined 9.1 percent in Identification Solutions and declined 0.3 percent in Workplace Safety, which consisted of an organic sales decline of 8.0 percent in Identification Solutions and organic sales growth of 2.3 percent in Workplace Safety.Commentary:“We are more focused than ever on doing our part to serve the front-line workers and other essential companies with the products and services they need to help fight this global pandemic.  Our foremost focus has been on the safety of our employees and supporting the needs of our customers with the high-quality products and services that they have come to expect from Brady,” said Brady’s President and Chief Executive Officer, J. Michael Nauman.  “This quarter, we saw demand in our Identification Solutions business begin to improve in June and July from the lows experienced in April and May; while our Workplace Safety business had a strong quarter with organic sales increasing more than 10% compared to last year.  Growth in our Workplace Safety business was primarily driven by increased sales of safety and identification products directly related to the COVID-19 pandemic, including social distancing and personal hygiene signage.  We remain focused on investing in new products, building on our positive momentum, and executing sustainable efficiencies throughout Brady.  We believe that our ongoing investments in new product development combined with the much improved financial results in our Workplace Safety business and the improving sequential sales trends in our Identification Solutions business will make Brady an even stronger company when industrial end-market demand returns.” “Brady is financially strong.  As of July 31, 2020, we had $217.6 million of cash and no outstanding debt,” said Brady’s Chief Financial Officer, Aaron Pearce.  “We generated $141.0 million of cash flow from operating activities this year, we invested $27.3 million in capital expenditures, we returned $45.8 million to our shareholders in the form of dividends, and we returned $64.5 million to our shareholders in the form of share buybacks.  Our strong cash generation and balance sheet allow us to continue to execute our capital allocation strategy which involves investing to grow our organic business, paying a strong dividend, buying back our shares in an opportunistic manner, and investing in acquisitions that are consistent with our strategies.  Brady’s strong balance sheet and cash generation positions us well for future financial success.”A webcast regarding Brady’s fiscal 2020 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, 2020, employed approximately 5,400 people in its worldwide businesses.  Brady’s fiscal 2020 sales were approximately $1.08 billion.  Brady stock trades on the New York Stock Exchange under the symbol BRC.  More information is available on the Internet at www.bradycorp.com.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, ” “continue” or “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:  adverse impacts of the novel coronavirus (“COVID-19”) pandemic or other pandemics; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; Brady’s ability to develop technologically advanced products that meet customer demands; raw material and other cost increases; difficulties in protecting our websites, networks, and systems against security breaches; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; risks associated with the loss of key employees; divestitures and contingent liabilities from divestitures; Brady’s ability to properly identify, integrate, and grow acquired companies; litigation, including product liability claims; foreign currency fluctuations; potential write-offs of Brady’s goodwill and other intangible assets; changes in tax legislation and tax rates; differing interests of voting and non-voting shareholders; numerous other matters of national, regional and global scale, including major public health issues 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, 2020.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 414-358-5176BRADY CORPORATION AND SUBSIDIARIES        CONSOLIDATED STATEMENTS OF INCOME        (Unaudited; Dollars in thousands, except per share data)                  Three months ended July 31, Year ended July 31,   2020   2019   2020   2019  Net sales$251,744  $295,278  $1,081,299  $1,160,645  Cost of goods sold 133,238   148,698   552,734   581,967  Gross margin 118,506   146,580   528,565   578,678  Operating expenses:        Research and development 9,364   11,331   40,662   45,168  Selling, general and administrative 75,923   89,094   336,059   371,082  Impairment charges —   —   13,821   —  Total operating expenses 85,287   100,425   390,542   416,250           Operating income 33,219   46,155   138,023   162,428           Other income (expense):        Investment and other income 1,827   1,621   5,079   5,046  Interest expense (190)  (693)  (2,166)  (2,830)          Income before income taxes and losses of unconsolidated affiliate 34,856   47,083   140,936   164,644           Income tax expense 6,925   10,470   28,321   33,386           Income before losses of unconsolidated affiliate 27,931   36,613   112,615   131,258  Equity in losses of unconsolidated affiliate (246)  -   (246)  -           Net income$27,685  $36,613  $112,369  $131,258           Net income per Class A Nonvoting Common Share:        Basic$0.53  $0.69  $2.13  $2.50  Diluted$0.53  $0.68  $2.11  $2.46  Dividends$0.22  $0.21  $0.87  $0.85           Net income per Class B Voting Common Share:        Basic$0.53  $0.69  $2.11  $2.48  Diluted$0.53  $0.68  $2.10  $2.45  Dividends$0.22  $0.21  $0.85  $0.83           Weighted average common shares outstanding:        Basic 51,983   52,885   52,763   52,596  Diluted 52,389   53,647   53,231   53,323           BRADY CORPORATION AND SUBSIDIARIES    CONSOLIDATED BALANCE SHEETS    (Unaudited; Dollars in thousands)          July 31, 2020 July 31, 2019 ASSETS    Current assets:    Cash and cash equivalents$217,643  $279,072  Accounts receivable—net 146,181   158,114  Inventories 135,662   120,037  Prepaid expenses and other current assets 9,962   16,056  Total current assets 509,448   573,279  Property, plant and equipment—net 115,068   110,048  Goodwill 416,034   410,987  Other intangible assets 22,334   36,123  Deferred income taxes 8,845   7,298  Operating lease assets 41,899   —  Other assets 28,838   19,573  Total$1,142,466  $1,157,308  LIABILITIES AND STOCKHOLDERS’ EQUITY    Current liabilities:    Accounts payable$62,547  $64,810  Accrued compensation and benefits 41,546   62,509  Taxes, other than income taxes 8,057   8,107  Accrued income taxes 8,652   6,557  Current operating lease liabilities 15,304   —  Other current liabilities 49,782   49,796  Current maturities on long-term debt —   50,166  Total current liabilities 185,888   241,945  Long-term operating lease liabilities 31,982   —  Other liabilities 61,524   64,589  Total liabilities 279,394   306,534  Stockholders’ equity:    Common stock:    Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 48,456,954 and 49,458,841 shares, respectively 513   513  Class B voting common stock—Issued and outstanding, 3,538,628 shares 35   35  Additional paid-in capital 331,761   329,969  Retained earnings 704,456   637,843  Treasury stock—2,804,533 and 1,802.646 shares, respectively, of Class A nonvoting common stock, at cost (107,216)  (46,332) Accumulated other comprehensive loss (66,477)  (71,254) Total stockholders’ equity 863,072   850,774  Total$1,142,466  $1,157,308       BRADY CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF CASH FLOWS    (Unaudited; Dollars in thousands)     Year ended July 31,   2020   2019  Operating activities:    Net income$112,369  $131,258  Adjustments to reconcile net income to net cash provided by operating activities:    Depreciation and amortization 23,437   23,799  Stock-based compensation expense 8,843   12,092  Deferred income taxes (764)  7,825  Impairment charges 13,821   —  Equity in losses of unconsolidated affiliate 246   —  Other 2,611   2,347  Changes in operating assets and liabilities:    Accounts receivable 13,902   3,496  Inventories (13,917)  (9,922) Prepaid expenses and other assets 4,477   368  Accounts payable and accrued liabilities (26,128)  (11,903) Income taxes 2,080   2,851  Net cash provided by operating activities 140,977   162,211       Investing activities:    Purchases of property, plant and equipment (27,277)  (32,825) Purchase of equity method investment (6,000)  —  Other (2,842)  (1,638) Net cash used in investing activities (36,119)  (34,463)      Financing activities:    Payment of dividends (45,756)  (44,732) Proceeds from exercise of stock options 5,511   25,658  Payments for employee taxes withheld from stock-based awards (9,065)  (5,651) Purchase of treasury stock (64,514)  (3,182) Proceeds from borrowing on credit facilities 20,697   13,637  Repayment of borrowing on credit facilities (21,855)  (13,568) Principal payments on debt (48,672)  —  Other 134   210  Net cash used in financing activities (163,520)  (27,628)      Effect of exchange rate changes on cash and cash equivalents (2,767)  (2,475)      Net (decrease) increase in cash and cash equivalents (61,429)  97,645  Cash and cash equivalents, beginning of period 279,072   181,427       Cash and cash equivalents, end of period$217,643  $279,072       Supplemental disclosures:    Cash paid during the period for:    Interest$2,401  $2,651  Income taxes 29,600   24,335       BRADY CORPORATION AND SUBSIDIARIES        SEGMENT INFORMATION        (Unaudited; Dollars in thousands)                  Three Months Ended July 31, Year Ended July 31,   2020   2019   2020   2019  NET SALES        ID Solutions$171,189  $221,817  $784,707  $863,100  Workplace Safety 80,555   73,461   296,592   297,545  Total$251,744  $295,278  $1,081,299  $1,160,645           SALES INFORMATION        ID Solutions        Organic (21.7)%  3.3%  (8.0)%  4.1% Currency (1.1)%  (1.5)%  (1.1)%  (2.1)% Total (22.8)%  1.8%  (9.1)%  2.0% Workplace Safety        Organic 10.8%  (2.6)%  2.3%  (0.7)% Currency (1.1)%  (3.3)%  (2.6)%  (3.7)% Divestiture —%  (1.9)%  —%  (4.8)% Total 9.7%  (7.8)%  (0.3)%  (9.2)% Total Company        Organic (13.7)%  1.7%  (5.4)%  2.8% Currency (1.0)%  (1.9)%  (1.4)%  (2.6)% Divestiture —%  (0.5)%  —%  (1.3)% Total (14.7)%  (0.7)%  (6.8)%  (1.1)%          SEGMENT PROFIT        ID Solutions$31,140  $45,642  $150,639  $164,953  Workplace Safety 6,028   6,724   21,019   23,025  Total$37,168  $52,366  $171,658  $187,978  SEGMENT PROFIT AS A PERCENT OF NET SALES        ID Solutions 18.2%  20.6%  19.2%  19.1% Workplace Safety 7.5%  9.2%  7.1%  7.7% Total 14.8%  17.7%  15.9%  16.2%                    Three Months Ended July 31, Year Ended July 31,   2020   2019   2020   2019  Total segment profit$37,168  $52,366  $171,658  $187,978  Unallocated amounts:        Administrative costs (3,949)  (6,211)  (19,814)  (25,550) Impairment charges -   -   (13,821)  -  Investment and other income 1,827   1,621   5,079   5,046  Interest expense (190)  (693)  (2,166)  (2,830) Income before income taxes and losses of unconsolidated affiliate$34,856  $47,083  $140,936  $164,644

  • GlobeNewswire

    Brady Corporation increases its dividend to shareholders for the 35th consecutive year

    MILWAUKEE, Sept. 15, 2020 (GLOBE NEWSWIRE) -- On September 14, 2020, Brady Corporation’s (NYSE: BRC) Board of Directors approved an increase in the annual dividend to shareholders of the Company’s Class A Common Stock from $0.87 per share to $0.88 per share.  A quarterly dividend to shareholders of the Company’s Class A Common Stock of $0.22 per share will be paid on October 30, 2020, to shareholders of record at the close of business on October 9, 2020.  This dividend represents the 35th consecutive annual increase in dividends.   At the Board of Directors meeting on September 14, 2020, the Board also approved an amendment to the Company’s bylaws to permit virtual shareholder meetings.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, 2019, employed approximately 6,100 people in its worldwide businesses.  Brady’s fiscal 2019 sales were approximately $1.16 billion.  Brady stock trades on the New York Stock Exchange under the symbol BRC.  More information is available on the Internet at www.bradycorp.com.For More Information Contact: Investor Contact:  Ann Thornton (414) 438-6887 Media Contact:  Kate Venne (414) 358-5176