Brady Corp misses estimates on weak Asia-Pac sales
Sept 7 (Reuters) - Identification products maker Brady Corp posted fourth-quarter results that missed market expectations, hurt by increased competition in the Asia-Pacific, particularly in the mobile handset industry.
The company, which makes printable labels, photo ID cards, laboratory labels and exit signs, said it expects organic revenue growth to be in the low single digits in fiscal 2013.
Brady forecast adjusted per-share earnings of between $2.20 and $2.40 for fiscal 2013, in line with analysts' average estimate of $2.32, according to Thomson Reuters I/B/E/S.
Net income fell to $11.7 million, or 22 cents per share, from $29.6 million, or 55 cents per share, a year earlier.
Excluding items, the company earned 47 cents per share. Analysts on average were expecting earnings of 52 cents per share.
Sales for the quarter ended July fell 6 percent to $322.5 million, below the $327.2 million analysts had anticipated.
Shares of the Milwaukee, Wisconsin-based company closed at $28.61 on Thursday on the New York Stock Exchange.
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