Brady 1Q '14 sales up 13 percent
Brady Corporation said its sales for the first quarter of fiscal 2014 were up 13.0 percent to $306.0 million compared to $270.9 million in the same period last year.
Organic sales were down 2.2 percent, the acquisition of Precision Dynamics Corporation added 15.6 percent to sales, and the impact of foreign currency translation decreased sales by 0.4 percent. By segment, organic sales were up 3.0 percent in Identification Solutions and down 10.0 percent in Workplace Safety.
Net earnings for the quarter were $23.9 million compared to $27.2 million in the same quarter last year.
“We completed the reorganization of our company to focus on two business platforms, Identification Solutions and Workplace Safety that will provide long-term growth for Brady. Although total sales increased 13.0 percent in our first quarter, our Workplace Safety business experienced an organic sales decline of 10.0 percent. In the fourth quarter of last year, we accelerated our investment in our Workplace Safety business to drive organic sales growth and we will be investing another $14 million in fiscal 2014 as we improve our e-commerce capabilities, expand our product offerings and enhance our pricing capabilities,” said Brady’s chief financial officer and interim president and chief executive officer, Thomas J. Felmer.
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.
