Brady sales up 11%
Brady Corporation reported sales for the fiscal 2013 third quarter were up 11.0 percent to $305.7 million compared to $275.4 million in the third quarter of fiscal 2012.
Organic sales were down 4.7 percent, acquisitions added 16.8 percent, and the impact of foreign currency translation decreased sales by 1.1 percent. By segment, organic sales decreased 2.9 percent in the Americas, 4.8 percent in EMEA and 11.6 percent in the Asia-Pacific region.
Net earnings were $21.8 million compared to $28.0 million in the same quarter last year.
Nine-month sales were up 5.3 percent to $856.4 million.
The company also plans to sell its Asia-based Die-Cut business. This business, with sales of $179 million, manufactures gaskets, meshes, heat dissipation materials, antennae, dampers, filters, and similar products sold primarily into the electronics industry with a concentration in the mobile-handset and hard-disk drive industries.
“In the face of a challenging economy, we continue to position Brady for long-term success by optimizing our portfolio of businesses, aligning our organization with growth opportunities and reducing our infrastructure costs. This morning we announced our intention to sell our Die-Cut business which will continue the process of portfolio realignment as we have already divested three businesses and acquired Precision Dynamics Corporation, a business serving the healthcare space. These portfolio adjustments will allow us to focus more on our continuing businesses of Identification Solutions and Workplace Safety,” said Brady’s president and chief executive officer, Frank M. Jaehnert.
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.
