Brady Corporation Achieves Record-Breaking Fiscal Year with Strong Q4 Performance
In a recent conference call, the Brady Corporation announced its fiscal 2024 Fourth Quarter earnings results, marking another company record high EPS for both quarter and year. The company's President and Chief Executive Officer, Russell Shaller, expressed his excitement over this achievement, stating that the quarter was an excellent finish to another great year.
The financial results showed a growth in organic sales by 2.6% for the fiscal year, with both regional segments contributing to this increase. The company's gross profit margin improved to 51.3%, up from 49.4% last year. Additionally, the acquisition of Gravotech was completed on August 1, and $117 million was returned to shareholders through dividends and share buybacks.
Shaller emphasized that the entire Brady team deserves credit for creating these results, citing their efforts in improving profitability while investing in research and development. He highlighted the company's priorities for the next year, which include generating top-line growth in excess of GDP, targeting niche opportunities, delivering operational improvements, integrating the Gravotech acquisition, and effectively deploying capital to drive long-term shareholder value.
The company's CFO, Ann Thornton, provided further details on their financial results. She noted that the quarter was strong and an excellent finish to 2024, with organic sales growth of 1.6% this quarter. The gross profit margin improved to 51.6%, and earnings grew, resulting in a quarterly record GAAP EPS of $1.15 per share, up 15% compared to last year's fourth quarter.
Thornton also highlighted the company's performance in both regions, stating that the Americas and Asia region grew organic sales by 3.4% and increased segment profit by 6.7%. The Europe and Australia region declined 1.8% organically compared to last year's fourth quarter, following an impressive streak of 13 straight quarters of organic sales growth.
Overall, the Brady Corporation's Q4 performance marked another successful chapter in its record-breaking fiscal year. The company's commitment to returning cash to shareholders while delivering a strong shareholder return has been demonstrated through dividend increases and share buybacks.