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Brady Corporation

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News

Brady Corporation Provides Recast Historical Data for new Operating Segments

MILWAUKEE, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”) is providing recast historical financial data for fiscal 2021, 2022 and the first two quarters of fiscal 2023 for its new operating segments announced on December 1, 2022, which are effective in the Company’s third quarter of fiscal 2023.

The Company has recast its historical financial data to disclose sales and segment profit for its two new operating segments: Americas & Asia and Europe & Australia. This change to a regional operating structure will allow the Company to further integrate its businesses, support continued growth through the application of its best go-to-market strategies in key geographies, facilitate new product development in its recent acquisitions and further simplify its global business.   The Company expects that the change to a regional structure will result in an improvement of approximately $0.10 to $0.20 of Earnings per diluted Class A Common Share beginning primarily in fiscal 2024. One-time charges resulting from employee severance are expected to be largely offset by reduced costs in fiscal 2023.

The following tables provide recast segment sales, segment profit, and sales growth data by quarter for fiscal years 2021, 2022 and the first two quarters of fiscal 2023. This recast does not represent a restatement of previously issued financial statements and does not affect the Company’s reported net income, earnings per share, total assets or stockholders’ equity for any of the previously reported periods.

Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software.   Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2022, employed approximately 5,700 people in its worldwide businesses. Brady’s fiscal 2022 sales were approximately $1.30 billion. Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradyid.com.

In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations.

The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: increased cost of raw materials, labor and freight as well as raw material shortages and supply chain disruptions; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses; adverse impacts of the novel coronavirus (“COVID-19”) pandemic or other pandemics; difficulties in protecting our websites, networks, and systems against security breaches; risks associated with the loss of key employees; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; litigation, including product liability claims; foreign currency fluctuations; potential write-offs of goodwill and other intangible assets; changes in tax legislation and tax rates; differing interests of voting and non-voting shareholders; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2022.

These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.



BRADY CORPORATION AND SUBSIDIARIES
RECAST SEGMENT INFORMATION
(Unaudited; Dollars in thousands)
               
The following table represents segment sales, sales growth information, and segment profit for the three and six months ended January 31, 2023 and 2022 recast to reflect the Company's regional operating structure effective February 1, 2023.
               
               
               
  Three months ended January 31,   Six months ended January 31,
    2023       2022       2023       2022  
NET SALES              
Americas & Asia $ 220,067     $ 207,842     $ 438,562     $ 420,713  
Europe & Australia   106,182       110,213       210,256       218,817  
Total $ 326,249     $ 318,055     $ 648,818     $ 639,530  
               
SALES INFORMATION              
Americas & Asia              
Organic   6.9 %     13.9 %     5.4 %     11.6 %
Currency   (1.0 )%     0.0 %     (1.2 )%     0.4 %
Acquisition   — %     8.1 %     — %     8.2 %
Total   5.9 %     22.0 %     4.2 %     20.2 %
Europe & Australia              
Organic   5.2 %     11.7 %     8.9 %     7.1 %
Currency   (8.9 )%     (5.8 )%     (12.8 )%     (2.6 )%
Acquisition   — %     9.6 %     — %     8.9 %
Total   (3.7 )%     15.5 %     (3.9 )%     13.4 %
Total Company              
Organic   6.3 %     13.1 %     6.6 %     10.0 %
Currency   (3.7 )%     (2.1 )%     (5.1 )%     (0.7 )%
Acquisition   — %     8.6 %     — %     8.5 %
Total   2.6 %     19.6 %     1.5 %     17.8 %
               
SEGMENT PROFIT              
Americas & Asia $ 40,174     $ 32,331     $ 81,319     $ 69,638  
Europe & Australia   13,459       16,313       30,217       30,115  
Total $ 53,633     $ 48,644     $ 111,536     $ 99,753  
SEGMENT PROFIT AS A PERCENT OF NET SALES              
Americas & Asia   18.3 %     15.6 %     18.5 %     16.6 %
Europe & Australia   12.7 %     14.8 %     14.4 %     13.8 %
Total   16.4 %     15.3 %     17.2 %     15.6 %
               
               
  Three months ended January 31,   Six months ended January 31,
    2023       2022       2023       2022  
Total segment profit $ 53,633     $ 48,644     $ 111,536     $ 99,753  
Unallocated amounts:              
Administrative costs   (4,852 )     (5,772 )     (11,369 )     (12,546 )
Investment and other income (expense)   968       (578 )     811       (35 )
Interest expense   (1,239 )     (252 )     (2,133 )     (434 )
Income before income taxes $ 48,510     $ 42,042     $ 98,845     $ 86,738  
               


BRADY CORPORATION AND SUBSIDIARIES                    
RECAST SEGMENT INFORMATION                    
(Unaudited; Dollars in thousands)                    
                                               
The following table provides recast segment sales, sales growth information, and segment profit for each of the quarters in the six-month period ended January 31, 2023, and for the fiscal years ended July 31, 2022 and 2021. This recast does not represent a restatement of previously issued financial statements and does not affect the Company's reported net income, earnings per share, total assets or shareholders' equity for any of the previously reported periods.                    
                                               
  2023   2022   2021
  Q1   Q2   Q1   Q2   Q3   Q4   Full Year   Q1   Q2   Q3   Q4   Full Year
NET SALES                                              
Americas & Asia $ 218,495   $ 220,067   $ 212,871   $ 207,842   $ 222,579   $ 217,792   $ 861,084   $ 179,712   $ 170,430   $ 189,074   $ 196,366   $ 735,582
Europe & Australia   104,074     106,182     108,604     110,213     115,972     106,189     440,978     97,515     95,408     106,429     109,764     409,116
Total $ 322,569   $ 326,249   $ 321,475   $ 318,055   $ 338,551   $ 323,981   $ 1,302,062   $ 277,227   $ 265,838   $ 295,503   $ 306,130   $ 1,144,698
                                               
SALES INFORMATION                                              
Americas & Asia                                              
Organic   4.0%     6.9%     9.3%     13.9%     9.2%     9.1%     10.3%     (7.9)%     (7.3)%     7.8%     18.0%     1.9%
Currency   (1.4)%     (1.0)%     0.9%     0.0%     (0.1)%     (1.0)%     (0.1)%     (0.4)%     0.1%     1.1%     1.9%     0.6%
Acquisition   —%     —%     8.3%     8.1%     8.6%     2.8%     6.9%     —%     —%     —%     3.7%     0.8%
Total   2.6%     5.9%     18.5%     22.0%     17.7%     10.9%     17.1%     (8.3)%     (7.2)%     8.9%     23.6%     3.3%
Europe & Australia                                              
Organic   12.8%     5.2%     2.6%     11.7%     8.5%     8.8%     7.9%     1.5%     (4.4)%     4.2%     3.2%     1.1%
Currency   (17.0)%     (8.9)%     0.6%     (5.8)%     (8.2)%     (13.9)%     (7.0)%     5.6%     7.0%     11.0%     8.6%     8.1%
Acquisition   —%     —%     8.2%     9.6%     8.7%     1.8%     6.9%     —%     —%     —%     6.3%     1.6%
Total   (4.2)%     (3.7)%     11.4%     15.5%     9.0%     (3.3)%     7.8%     7.1%     2.6%     15.2%     18.1%     10.8%
Total Company                                              
Organic   6.9%     6.3%     7.0%     13.1%     9.0%     9.0%     9.4%     (4.9)%     (6.3)%     6.5%     12.6%     1.6%
Currency   (6.6)%     (3.7)%     0.7%     (2.1)%     (3.0)%     (5.7)%     (2.6)%     1.5%     2.4%     4.6%     4.3%     3.2%
Acquisition   —%     —%     8.3%     8.6%     8.6%     2.5%     6.9%     —%     —%     —%     4.7%     1.1%
Total   0.3%     2.6%     16.0%     19.6%     14.6%     5.8%     13.7%     (3.4)%     (3.9)%     11.1%     21.6%     5.9%
                                               
SEGMENT PROFIT                                              
Americas & Asia $ 41,145   $ 40,174   $ 37,307   $ 32,331   $ 45,021   $ 42,648   $ 157,307   $ 35,939   $ 30,558   $ 37,309   $ 32,829   $ 136,635
Europe & Australia   16,758     13,459     13,802     16,313     16,050     16,893     63,058     12,328     11,905     15,886     15,238     55,357
Total $ 57,903   $ 53,633   $ 51,109   $ 48,644   $ 61,071   $ 59,541   $ 220,365   $ 48,267   $ 42,463   $ 53,195   $ 48,067   $ 191,992
SEGMENT PROFIT AS A PERCENT OF NET SALES                                              
Americas & Asia   18.8%     18.3%     17.5%     15.6%     20.2%     19.6%     18.3%     20.0%     17.9%     19.7%     16.7%     18.6%
Europe & Australia   16.1%     12.7%     12.7%     14.8%     13.8%     15.9%     14.3%     12.6%     12.5%     14.9%     13.9%     13.5%
Total   18.0%     16.4%     15.9%     15.3%     18.0%     18.4%     16.9%     17.4%     16.0%     18.0%     15.7%     16.8%
                                               
                                               
  2023   2022   2021
  Q1   Q2   Q1   Q2   Q3   Q4   Full Year   Q1   Q2   Q3   Q4   Full Year
Total segment profit $ 57,903   $ 53,633   $ 51,109   $ 48,644   $ 61,071   $ 59,541   $ 220,365   $ 48,267   $ 42,463   $ 53,195   $ 48,067   $ 191,992
Unallocated amounts:                                              
Administrative costs   (6,517)     (4,852)     (6,774)     (5,772)     (8,182)     (6,625)     (27,353)     (6,079)     (5,051)     (6,470)     (7,265)     (24,865)
Investment and other (expense) income   (157)     968     543     (578)     (1,308)     1,587     244     155     2,036     1,181     961     4,333
Interest expense   (894)     (1,239)     (182)     (252)     (329)     (513)     (1,276)     (106)     (51)     (131)     (149)     (437)
Income before income taxes and losses of unconsolidated affiliate $ 50,335   $ 48,510   $ 44,696   $ 42,042   $ 51,252   $ 53,990   $ 191,980   $ 42,237   $ 39,397   $ 47,775   $ 41,614   $ 171,023
                                               

For More Information:
Investor contact: Ann Thornton 414-438-6887
Media contact: Kate Venne 414-358-5176


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Source: Brady Corporation

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