MILWAUKEE (AP) — Brady Corp., the identification and security products maker, reported a loss for its fiscal fourth quarter, dragged down by impairment charges and increased restructuring charges.
Its adjusted results met Wall Street's view, but revenue missed expectations. The company's full-year earnings forecast was below analysts' estimates.
Its shares dropped 6 percent in midday trading Thursday.
For the three months ended July 31, Brady lost $177.3 million, or $3.43 per share. That compares with net income of $11.7 million, or 22 cents per share, a year ago.
Impairment charges totaled $204.4 million in the latest quarter. Restructuring charges climbed to $15.6 million from $4.1 million. Stripping out the charges and other items, earnings from continuing operations were 53 cents per share.
This met analysts' expectations.
Revenue increased 15 percent to $309.1 million from $269.1 million, but fell short of the $327.7 million that Wall Street expected.
For the year, Brady Corp. lost $154.5 million, or $3.03 per share, versus a loss of $17.9 million, or 36 cents per share, in the previous year. Annual revenue rose 8 percent to $1.15 billion from $1.07 billion.
For fiscal 2014, Brady predicts adjusted earnings from continuing operations between $1.80 and $2 per share. Analysts expect higher earnings of $2.32 per share.
The company's stock dropped $1.97, or 6 percent, to $30.62 in midday trading. The shares have traded in a 52-week range of $29.11 to $36.45.
