RTTNews | Nov 19, 2020 07:34AM EST

07:33 Thursday, November 19, 2020 (RTTNews.com) - Brady Corp. (BRC) reported that its first-quarter net income declined 10.7 percent to $33.5 million from $37.5 million in the same quarter last year. Earnings per Class A Nonvoting Common Share were $0.64, compared to $0.70 in the same quarter last year.

The last year results were positively impacted by a reduced income tax rate of 9.8 percent primarily due to a favorable tax audit settlement and tax benefits from equity-based compensation.

Sales for the quarter declined 3.4 percent to $277.2 million from $286.9 million in the same quarter last year. Organic sales were down 4.9 percent.

By segment, sales declined 7.8 percent in Identification Solutions and increased 9.8 percent in Workplace Safety, which consisted of an organic sales decline of 8.4 percent in Identification Solutions and organic sales growth of 5.5 percent in Workplace Safety.

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