Corporation reports 6.3 percent decrease in sales
May 21, 2015
Brady Corporation reported Thursday a 6.3 percent decrease in sales
for its third quarter for a total of $290.2 million in sales
compared to $309.6 million in the third quarter of fiscal 2014.
Total organic sales increased 1.7 percent and foreign currency
translation decreased sales by 8 percent. Earnings from continuing
operations for the third quarter were $17.2 million compared to
$20.2 million in the same quarter last year. Non-GAAP earnings from
continuing operations for the current quarter were $17.6 million
compared to $22.3 million in the third quarter of fiscal 2014.
"Iím confident that we are investing in the right initiatives to
deliver shareholder value over the long term. However, we still
remain challenged by operational inefficiencies stemming from
certain facilities that were recently consolidated, and we are
focused on executing business fundamentals to drive organic sales
and improve profitability while still achieving efficiency gains
over the long term. We are investing in research and development and
sales resources in selected industries, as well as building an
improved, scalable digital platform that will generate value for
Brady and enhance our customer experience," said Brady President and
Chief Executive Officer J. Michael Nauman in a statement.