Brady Corp.’s 2007 sales rise 12 percent
Industrial Distribution staff -- Industrial Distribution, 9/17/2008 7:27:00 AM
Sales for Brady Corp. rose 11.8 percent during fiscal 2008, reaching $1.52 billion compared with $1.36 billion during the prior year.Net income for the Milwaukee-based safety and identification products manufacturer jumped to $132.2 million, up 20.8 percent compared with $109.4 million in fiscal 2007.
Fourth-quarter sales rose 9.4 percent to $396.9 million, compared with $362.8 million during the same period in fiscal 2006. Quarterly net income rose 32.5 percent to $34.8 million, compared with $26.2 million during the fourth quarter of 2007.
Though organic growth was flat, Brady attributed the record sales increase to acquisitions and foreign currency exchange rates.
“We are very pleased with our results in fiscal 2008, especially in light of the challenging economic environment. Of particular note is Asia’s return to core growth in the fourth quarter, with total segment sales up 20 percent and profit up 40 percent, following a deliberate re-focus on higher margin products and the success of our cost-control efforts put in place last fiscal year,” president and CEO Frank Jaehnert said.
“We see a challenging global economy in front of us this fiscal year and will continue to drive working capital improvements and look for ways to keep our cost structure in line,” CFO Thomas Felmer added.
Felmer said the company expects sales of between $1.56 billion to $1.59 billion for fiscal 2009 and net income between $145 million and $152 million.
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