UPDATE 1-Brady Corp Q1 adj profit beats est; ups 2011 EPS view
* Q1 adj EPS $0.55 vs est $0.53
* Q1 rev up about 4 pct at $329.6 mln
* Ups FY11 adj EPS view to $2.05-$2.25 from $1.95-$2.15
* Keeps FY11 mid-single digit sales growth outlook
Nov 18 (Reuters) - Identification products maker Brady Corp (BRC.N) posted an adjusted quarterly profit that beat market estimates, partly helped by higher margins, and raised its fiscal 2011 adjusted earnings outlook.
The company, founded as W.H. Brady Co in 1914 and renamed Brady Corp in 1998, raised its 2011 adjusted earnings outlook to $2.05-$2.25 a share.
Analysts on average were expecting earnings of $2.08 a share, according to Thomson Reuters I/B/E/S.
August-October net income was $26.2 million, or 50 cents a share, up from $21.7 million, or 41 cents a share, a year ago.
Excluding items, the Milwaukee, Wisconsin-based company earned 55 cents a share.
Sales for the company, which has a market value of about $1.63 billion, rose about 4 percent to $329.6 million. Gross margins increased about 5 percent.
Analysts were expecting the company to earn 53 cents a share, before special items, on revenue of $338.2 million. [ID:nASA013Y5]
Shares of the company, which closed at $30.99 on Wednesday on the New York Stock Exchange, have lost 12 percent in value since touching a year high of $35.37 in April. (Reporting by Fareha Khan in Bangalore; Editing by Maju Samuel)
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan |
- Israel pounds Gaza despite international peace efforts |
- Train with MH17 bodies on final journey reaches Ukraine base |
- Bodies, black boxes handed over from Ukraine crash site |
- Islamic State crushes and coerces on march towards Baghdad