Milwaukee-based Brady Corp. reported fiscal third quarter net income of $27.7 million, or 52 cents per share, down from $28.6 million, or 54 cents per share, in the same period a year ago.
Excluding $2.7 million of after-tax restructuring charges in the third quarter of fiscal 2012 and $0.9 million of after-tax restructuring charges in the same quarter last year, net income was up 3.0 percent to $30.3 million.
The company’s quarterly sales dipped 1.9 percent to $331.6 million.
“Our Americas region is performing well, fueled by strength in our U.S. business. In EMEA, our growth initiatives and reallocation of resources to the stronger sub-regions are partially counter balancing the weak macro-economy, enabling our EMEA revenues to be down only slightly when compared with the prior year. During the quarter, our revenues were below our internal expectation, but profitability was maintained through reductions in selling, general, and administrative expenses, including reduced incentive compensation,” said Brady president and chief executive officer Frank Jaehnert. “After quarter-end, we completed two acquisitions for a purchase price of approximately $36 million. These two acquisitions, Pervaco AS in Norway and Runelandhs Forsaljnings AB in Sweden expand our presence in the Scandanavian region, which is an under-penetrated market for Brady. We also announced the acquisition of Grafo Wiremarkers Africa (Pty) Ltd in South Africa during the third quarter, which is our first acquisition on the African continent.”
