Brady Corp. (BRC) said its first-quarter net income dropped 41.6% to $21.67 million from $37.11 million in the prior year quarter.
Earnings per Class A nonvoting common share were $0.41 compared with $0.69 per share last year. Excluding restructuring charges, earnings per share were $0.46 in the current quarter compared with $0.71 in the first quarter of fiscal 2009. On 6 average, analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimate typically excludes one-time items.
Net sales for the quarter were $318.49 million, 15.8% lower than $378.32 million in the first quarter of fiscal 2009. Three analysts estimated revenues of $297.33 million for the quarter.
Additionally, the company said it is maintaining its original net income and earnings per share outlook for the current fiscal year of $85 million - $95 million and $1.60 - $1.80 per share, excluding pretax restructuring charges of $15 million and $0.20 per share. Six analysts estimate full-year earnings per share of $1.73.
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