RTTNews | May 20, 2021 08:24AM EDT

08:23 Thursday, May 20, 2021 (RTTNews.com) - Brady Corporation (BRC) reported third quarter net income of 37.3 million, a 173.5 percent increase from $13.6 million in the same quarter last year. The results were helped by higher revenues and the absence of a non-cash impairment changes it had incurred last year.

Earnings per Class A Nonvoting common Share were $0.71 in the third quarter compared with 0.26 a year ago. Last year the company had incurred a non-cash impairment charges of $13.82 million or $0.21 per share.

Sales for the quarter increased to $295.5 million from $265.9 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenue of $277.48 million for the quarter.

Looking forward, the company has raised its full-year earnings per diluted Class A Nonvoting Common Share guidance to the range of $2.58 to $2.68 from the previous range of $2.48 to $2.58. The consensus estimate stands at $2.56.

"Our outlook is positive. We expect accelerated organic sales growth in our fourth quarter and into the future. The acquisition of Nordic ID allows Brady to diversify and expand our presence in RFID into attractive new markets with faster long-term organic growth rates as we strengthen our product portfolio and service offerings," said Brady's President and Chief Executive Officer, J. Michael Nauman.

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