Brady Corp. jumps after 2024 earnings per share forecasts beat estimates

Brady Corporation (NYSE:BRC) witnessed a robust surge in early U.S. trading on Tuesday, after announcing an income per share forecast for its 2024 fiscal year that exceeded expectations.

Brady Corporation, headquartered in Milwaukee, has revised its earnings per share outlook for the fiscal year ending on July 31, 2024. The company now expects adjusted earnings per share to range from $3.85 to $4.10, surpassing Bloomberg’s consensus estimate of $3.84. Simultaneously, Brady has announced expanding its share buyback program, allowing for an additional $100 million in stock repurchases.

During the final quarter of its 2023 financial year, diluted earnings per share surged by 23.5%, reaching an all-time high of $1.00. This exceeded the anticipated figure of $0.93, partly due to robust sales performance in its primary regional divisions, which include the Americas, Asia, Europe, and Australia.

Chief Executive Officer Russell Shaller said that Brady is entering the next fiscal year “with positive momentum.”