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Brady Corporation Reports Fiscal 2022 First Quarter Results
•Sales for the quarter increased 16.0 percent. Organic sales increased 7.0 percent.
•Income before income taxes increased 5.8 percent to $44.7 million in the first quarter of fiscal 2022 compared to $42.2 million in the first quarter of fiscal 2021. Income Before Income Taxes Excluding Amortization* increased 11.3 percent to $48.5 million in the first quarter of fiscal 2022 compared to $43.6 million in the first quarter of fiscal 2021.
•Diluted EPS in the first quarter of fiscal 2022 increased 4.7 percent to $0.67 compared to $0.64 in the same quarter of the prior year. Diluted EPS Excluding Amortization* increased 9.1 percent to $0.72 in the first quarter of fiscal 2022 compared to $0.66 in the same quarter of the prior year.
MILWAUKEE (November 18, 2021) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2022 first quarter ended October 31, 2021.
Quarter Ended October 31, 2021 Financial Results:
Income before income taxes and losses of unconsolidated affiliate increased 5.8 percent to $44.7 million for the quarter ended October 31, 2021, compared to $42.2 million in the same quarter last year. Income Before Income Taxes Excluding Amortization* for the quarter ended October 31, 2021 was $48.5 million, an increase of 11.3 percent compared to the first quarter of last year.
Net income for the quarter ended October 31, 2021 was $35.0 million compared to $33.5 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.67 for the first quarter of fiscal 2022, compared to $0.64 in the same quarter last year. Net Income Excluding Amortization* for the quarter ended October 31, 2021 was $38.0 million and Diluted EPS Excluding Amortization* for the quarter ended October 31, 2021 was $0.72.
Sales for the quarter ended October 31, 2021 increased 16.0 percent, which consisted of an organic sales increase of 7.0 percent, an increase of 8.3 percent from acquisitions and an increase of 0.7 percent from foreign currency translation. Sales for the quarter ended October 31, 2021 were $321.5 million compared to $277.2 million in the same quarter last year. By segment, sales increased 25.4 percent in Identification Solutions and decreased 7.8 percent in Workplace Safety, which consisted of an organic sales increase of 13.2 percent in Identification Solutions and an organic sales decline of 8.6 percent in Workplace Safety.