Brady Q1 Profit Drops 42% On Charges, Lower Sales; Backs FY10 EPS Outlook - Update

Reported by RTTNews on Thursday, 19 November 2009 (on November 19, 2009)

Identification solutions and specialty products manufacturer Brady Corp. (BRC) reported Thursday a 41.6% year-over-year drop in profit for the first quarter of fiscal 2010, hurt by restructuring charges as well as a 15.8% decline in quarterly net sales, despite gross margin improvement of 160 basis points amid the ongoing cost-reduction initiatives. Adjusted earnings per share for the quarter dropped, but came in above analysts' expectations. The company also reaffirmed its earnings forecast for the full-year 2010.

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