Sales decline at Brady Corporation
Brady Corporation reported that sales for its fiscal 2015 second quarter decreased 2.9 percent to $282.6 million compared to $291.2 million in the second quarter of fiscal 2014.
Total organic sales increased 1.4 percent and foreign currency translation decreased sales by 4.3 percent. By segment, organic sales increased 1.9 percent in Identification Solutions and 0.6 percent in Workplace Safety.
Net earnings of $11.6 million compared to $10.5 million in the prior year quarter.
“This marks the fourth consecutive quarter of organic sales growth for Brady Corporation and the third consecutive quarter of organic sales growth in our Workplace Safety business. Our gross profit margin is also stabilizing as we near completion of our facility consolidation activities. Our gross profit margin finished at 48.9 percent, which is a 50 basis point improvement over the first quarter of fiscal 2015,” said Brady president and chief executive officer, J. Michael Nauman.
He added that profitability was impacted by costs related to the consolidation of manufacturing facilities, but those activities should be completed by the end of fiscal 2015.
Six-month sales decreased 1.0 percent to $592.9 million compared to $598.7 million in the same period in fiscal 2014. Earnings from continuing operations for the six-month period were $27.1 million compared to $28.7 million in the same period in fiscal 2014.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
