Brady Corp.’s 3Q sales rise 10 percent

Industrial Distribution staff -- Industrial Distribution, 5/21/2008 7:40:00 AM

Brady Corp. posted sales of $381.9 million during the third quarter, up 10.3 percent compared with $346.3 million during the same period last year.

Quarterly net income for the Milwaukee-based safety and identification products manufacturer rose 18.5 percent to $34.4 million, compared with $29 million during the third quarter of 2007.

“This has been a strong quarter for us, with good improvement in both gross margin and earnings per share. Our year-to-date operating cash flow is up 91 percent to $152 million, from $80 million last year. Our pro-active efforts to adjust our cost structure and control working capital to cope with a slowing economy have clearly paid off,” president and CEO Frank Jaehnert said.

“Based on current trends and including the two acquisitions made earlier this year, we are increasing sales guidance from $1.43 billion to $1.46 billion to $1.50 billion to $1.52 billion. While we continue to be concerned about economic softness in some of our key markets, we believe that our operational improvements allow us to reconfirm our net income guidance of $129 million to $135 million,” added CFO Thomas Felmer.

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