RTTNews | Sep 2, 2021 07:42AM EDT

07:42 Thursday, September 2, 2021 (RTTNews.com) - While reporting financial results for the fourth quarter on Thursday, Brady Corp. (BRC) initiated its earnings guidance for the full-year 2022, in line with analysts' expectations.

For fiscal 2022, the company now expects earnings in a range of $2.90 to $3.10 per Class A nonvoting common share and adjusted earnings in a range of $3.12 to $3.32 per Class A nonvoting common share.

On average, four analysts polled by Thomson Reuters expect the company to report earnings of $3.13 per share for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income of $28.03 million or $0.53 per share, compared to $27.69 million or $0.53 per share in the prior-year quarter. Excluding items, adjusted earnings per Class A nonvoting common share was $0.70, compared to last year's $0.53.

Sales for the quarter increased 21.6 percent to $306.13 million from $251.74 million in the same quarter last year. Organic sales increased 12.6 percent.

The Street was looking for earnings of $0.70 per share on net sales of $300.46 million for the quarter

On Wednesday, Brady's Board of Directors authorized an increase in the Company's share buyback program, bringing the amount of the Company's Class A Common Stock authorized for repurchase up to a total of two million shares, inclusive of the shares in the existing share buyback program.

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