- Fourth quarter organic revenue decline
of 1.2 percent.
- Non-GAAP net earnings from continuing
operations* of $14.4 million in the fourth quarter of fiscal 2015
compared to $21.0 million in the same quarter of the prior
year.
- GAAP earnings from continuing
operations were impacted by the impairment charges of $46.9 million
primarily due to the write down of intangible assets in the
Company’s Workplace Safety segment.
- Net cash provided by operating
activities of $40.6 million during the fourth quarter of fiscal
2015.
- Non-GAAP net earnings from continuing
operations per diluted Class A Nonvoting Common Share* of $0.28 in
the fourth quarter of fiscal 2015 compared to $0.41 in the same
quarter of the prior year.
- Share buyback program increased to a
total share repurchase authorization of up to 2 million shares of
the Company’s Class A Common Stock.
Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world
leader in identification solutions, today reported its financial
results for its fiscal 2015 fourth quarter and year ended July 31,
2015.
Quarter Ended July 31, 2015 Financial Results:
Sales for the quarter ended July 31, 2015 decreased 8.9 percent
to $288.6 million compared to $316.7 million in the fourth quarter
of fiscal 2014. Total organic sales decreased 1.2 percent and
foreign currency translation decreased sales by 7.7 percent. By
segment, organic sales decreased 0.3 percent in Identification
Solutions and decreased 3.2 percent in Workplace Safety.
During the fourth quarter ended July 31, 2015, the Company
recorded an impairment charge of $46.9 million primarily related to
the write down of intangible assets in the Company’s Workplace
Safety segment. These impairment charges were primarily driven by
sales and profitability reductions and reduced forecasts for future
sales and profitability growth. In the fourth quarter of last year,
the Company also incurred an impairment charge of $148.6 million
related to its PeopleID reporting unit.
The Company’s loss from continuing operations for the quarter
ended July 31, 2015 was $(39.4) million compared to a loss of
$(97.0) million in the same quarter of last year. Non-GAAP earnings
from continuing operations* for the current quarter were $14.4
million compared to $21.0 million in the fourth quarter of fiscal
2014.
The Company’s loss from continuing operations per diluted Class
A Nonvoting Common Share was $(0.77) for the quarter ended July 31,
2015 compared to a loss of $(1.89) in the same quarter last year.
Non-GAAP earnings from continuing operations per diluted Class A
Nonvoting Common Share* for the current quarter were $0.28 compared
to earnings of $0.41 per share in the fourth quarter of fiscal
2014.
Year Ended July 31, 2015 Financial Results:
Sales for the year ended July 31, 2015 decreased 4.4 percent to
$1.17 billion compared to $1.23 billion in fiscal 2014. Total
organic sales increased 1.0 percent and the impact of foreign
currency translation decreased sales by 5.4 percent. By segment,
organic sales increased 1.7 percent in Identification Solutions and
decreased 0.4 percent in Workplace Safety.
Earnings (loss) from continuing operations for the year ended
July 31, 2015 were $4.9 million compared to $(48.1) million for the
year ended July 31, 2014. Non-GAAP earnings from continuing
operations* for the year ended July 31, 2015 were $65.5 million
compared to $79.5 million for the year ended July 31, 2014.
Earnings (loss) from continuing operations per diluted Class A
Nonvoting Common share were $0.10 for the year ended July 31, 2015
compared to $(0.93) for the year ended July 31, 2014. Non-GAAP
earnings from continuing operations per diluted Class A Common
Share* were $1.27 for the year ended July 31, 2015 compared to
$1.53 for the year ended July 31, 2014.
Share Buyback Program:
On September 10, 2015, Brady’s Board of Directors authorized an
increase in the Company’s share buyback program, authorizing the
repurchase of up to a total of two million shares of the Company’s
Class A Common Stock, inclusive of the shares in the existing share
buyback program. The share buyback plan may be implemented from
time to time on the open market or in privately negotiated
transactions.
Commentary:
“Our fourth quarter financial results did not meet our
expectations. We realized an organic sales decline in our
Identification Solutions business, and our gross profit margin
deteriorated more than anticipated,” said Brady President and Chief
Executive Officer J. Michael Nauman. “We completed the facility
consolidations this quarter, but we continue to face operational
inefficiencies. We have a full-time team dedicated to the
facilities most impacted, we’re making improvements every day, and
we expect to realize operational improvements and improved organic
sales in the back half of fiscal 2016. We are increasing our focus
on customer service and are making foundational improvements in our
cost structure, which combined with disciplined capital allocation,
will drive increased shareholder value over the long-term.”
“Our cash generation continued to show improvements in the
fourth quarter as the cash outlays from our prior restructuring
programs and the elevated levels of capital expenditures have
subsided,” said Brady’s Chief Financial Officer, Aaron Pearce.
“Cash provided by operating activities increased to $40.6 million
during the quarter ended July 31, 2015 compared to $17.6 million in
last year’s fourth quarter. With the significant improvement in
cash generation in the second half of this fiscal year, our
conservative net debt-to-EBITDA ratio of 1.1 to 1, and our
confidence in the continued turnaround of Brady, yesterday our
Board of Directors increased our dividend for the 30th consecutive
year and increased our share buyback program to a total of two
million shares.”
Fiscal 2016 Guidance:
The Company anticipates approximately flat to low single-digit
organic sales growth in fiscal 2016, with organic sales growth in
both the Identification Solutions and Workplace Safety businesses
increasing as the year progresses. Brady expects earnings from
continuing operations per diluted Class A Nonvoting Common Share of
between $1.10 and $1.30. This guidance is based on exchange rates
as of July 31, 2015, a full-year income tax rate in the upper 20
percent range, capital expenditures moderating back to the
Company’s historical norm of approximately $25 million, and
depreciation and amortization of approximately $40 million.
A webcast regarding Brady’s fiscal 2015 fourth quarter financial
results will be available at www.bradycorp.com beginning at 9:30 a.m. Central
Time today.
Brady Corporation is an international manufacturer and marketer
of complete solutions that identify and protect people, products
and places. Brady’s products help customers increase safety,
security, productivity and performance and include high-performance
labels, signs, safety devices, printing systems and software.
Founded in 1914, the Company has a diverse customer base in
electronics, telecommunications, manufacturing, electrical,
construction, medical, aerospace and a variety of other industries.
Brady is headquartered in Milwaukee, Wisconsin and as of August 1,
2015, employed approximately 6,400 people in its worldwide
businesses. Brady’s fiscal 2015 sales were approximately $1.17
billion. Brady stock trades on the New York Stock Exchange under
the symbol BRC. More information is available on the Internet at
www.bradycorp.com.
* See accompanying notes for Non-GAAP measures.
In this news release, statements that are not reported financial
results or other historic information are “forward-looking
statements.” These forward-looking statements relate to, among
other things, the Company's future financial position, business
strategy, targets, projected sales, costs, earnings, capital
expenditures, debt levels and cash flows, and plans and objectives
of management for future operations.
The use of words such as “may,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe,” “should,” “project” or “plan”
or similar terminology are generally intended to identify
forward-looking statements. These forward-looking statements by
their nature address matters that are, to different degrees,
uncertain and are subject to risks, assumptions, and other factors,
some of which are beyond Brady's control, that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. For Brady, uncertainties arise
from: implementation of the healthcare strategy; implementation of
the Workplace Safety strategy; future competition; Brady’s ability
to develop and successfully market new products; future financial
performance of major markets Brady serves, which include, without
limitation, telecommunications, hard disk drive, manufacturing,
electrical, construction, laboratory, education, governmental,
public utility, computer, healthcare and transportation; technology
changes and potential security violations to the Company's
information technology system; fluctuations in currency rates
versus the U.S. dollar; risks associated with international
operations; difficulties associated with exports; risks associated
with restructuring plans; risks associated with identifying,
completing, and integrating acquisitions; changes in the supply of,
or price for, parts and components; increased price pressure from
suppliers and customers; Brady's ability to retain significant
contracts and customers; risk associated with loss of key talent;
risks associated with divestitures and businesses held for sale;
risks associated with obtaining governmental approvals and
maintaining regulatory compliance; risk associated with product
liability claims; environmental, health and safety compliance costs
and liabilities; potential write-offs of Brady's substantial
intangible assets; risks associated with our ownership structure;
unforeseen tax consequences; Brady's ability to maintain compliance
with its debt covenants; increase in our level of debt; and
numerous other matters of national, regional and global scale,
including those of a political, economic, business, competitive,
and regulatory nature contained from time to time in Brady's U.S.
Securities and Exchange Commission filings, including, but not
limited to, those factors listed in the “Risk Factors” section
within Item 1A of Part I of Brady’s Form 10-K for the year ended
July 31, 2014.
These uncertainties may cause Brady's actual future results to
be materially different than those expressed in its forward-looking
statements. Brady does not undertake to update its forward-looking
statements except as required by law.
BRADY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
EARNINGS (Unaudited; Dollars in thousands, except per share data)
Three months ended July 31, Twelve
months ended July 31 2015 2014 2015 2014 Net sales $ 288,636 $
316,733 $ 1,171,731 $ 1,225,034 Cost of products sold
159,567 162,672 613,299
615,470 Gross margin 129,069 154,061 558,432 609,564
Operating expenses: Research and development 9,227 9,373 36,734
35,048 Selling, general and administrative 102,908 111,340 422,704
452,164 Restructuring charges 2,830 810 16,821 15,012 Impairment
charges 46,867 148,551 46,867
148,551 Total operating expenses 161,832
270,074 523,126 650,775 Operating (loss) income (32,763 )
(116,013 ) 35,306 (41,211 ) Other (expense) and income
Investment and other (expense) income (123 ) 515 845 2,402 Interest
expense (2,762 ) (3,523 ) (11,156 )
(14,300 ) (Loss) earnings from continuing operations before
income taxes (35,648 ) (119,021 ) 24,995 (53,109 ) Income
tax expense (benefit) 3,746 (22,040 )
20,093 (4,963 ) (Loss) earnings from
continuing operations $ (39,394 ) $ (96,981 ) $ 4,902 $ (48,146 )
(Loss) earnings from discontinued operations, net of income
taxes — (13,428 ) (1,915 ) 2,178
Net (loss) earnings $ (39,394 ) $ (110,409 ) $ 2,987
$ (45,968 ) (Loss) earnings from continuing
operations per Class A Nonvoting Common Share: Basic $ (0.77 ) $
(1.89 ) $ 0.10 $ (0.93 ) Diluted $ (0.77 ) $ (1.89 ) $ 0.10 $ (0.93
) (Loss) earnings from continuing operations per Class B
Voting Common Share: Basic $ (0.77 ) $ (1.89 ) $ 0.08 $ (0.95 )
Diluted $ (0.77 ) $ (1.89 ) $ 0.08 $ (0.95 ) (Loss) earnings
from discontinued operations per Class A Nonvoting Common Share:
Basic $ — $ (0.26 ) $ (0.04 ) $ 0.04 Diluted $ — $ (0.26 ) $ (0.04
) $ 0.04 (Loss) earnings from discontinued operations per
Class B Voting Common Share: Basic $ — $ (0.26 ) $ (0.04 ) $ 0.05
Diluted $ — $ (0.26 ) $ (0.04 ) $ 0.05 Net (loss) earnings
per Class A Nonvoting Common Share: Basic $ (0.77 ) $ (2.15 ) $
0.06 $ (0.89 ) Diluted $ (0.77 ) $ (2.15 ) $ 0.06 $ (0.89 )
Dividends $ 0.20 $ 0.195 $ 0.80 $ 0.78 Net (loss) earnings
per Class B Voting Common Share: Basic $ (0.77 ) $ (2.15 ) $ 0.04 $
(0.90 ) Diluted $ (0.77 ) $ (2.15 ) $ 0.04 $ (0.90 ) Dividends $
0.20 $ 0.195 $ 0.78 $ 0.76 Weighted average common shares
outstanding (in thousands): Basic 51,317 51,250 51,285 51,866
Diluted 51,317 51,250 51,357 51,866 BRADY CORPORATION AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited; Dollars in
thousands) July 31, 2015 July 31, 2014
ASSETS
Current assets: Cash and cash equivalents $ 114,492 $ 81,834
Accounts receivable—net 157,386 177,648 Inventories: Finished
products 66,700 73,096 Work-in-process 16,958 17,689 Raw materials
and supplies 20,849 22,490 Total
inventories 104,507 113,275 Assets held for sale — 49,542 Prepaid
expenses and other current assets 32,197
41,543
Total current assets 408,582 463,842
Other
assets: Goodwill 433,199 515,004 Other intangible assets 68,888
91,014 Deferred income taxes 22,310 27,320 Other 18,704 22,314
Property, plant and equipment: Cost: Land 5,284 7,875
Buildings and improvements 94,423 101,866 Machinery and equipment
270,086 288,409 Construction in progress 2,164
12,500 371,957 410,650 Less accumulated depreciation
260,743 276,479
Property, plant and
equipment—net 111,214 134,171
Total $ 1,062,897 $ 1,253,665
LIABILITIES AND
STOCKHOLDERS’ INVESTMENT
Current liabilities: Notes payable $ 10,411 $ 61,422
Accounts payable 73,020 88,099 Wages and amounts withheld from
employees 30,282 38,064 Liabilities held for sale — 10,640 Taxes,
other than income taxes 7,250 7,994 Accrued income taxes 7,576
7,893 Other current liabilities 38,194 35,319 Current maturities on
long-term debt 42,514 42,514
Total
current liabilities 209,247 291,945
Long-term obligations,
less current maturities 200,774 159,296
Other
liabilities 65,188 69,348
Total
liabilities 475,209 520,589
Stockholders’ investment:
Common stock: Class A nonvoting common stock—Issued 51,261,487 and
51,261,487 shares, respectively and outstanding 47,781,184 and
47,704,196 shares, respectively 513 513 Class B voting common
stock—Issued and outstanding, 3,538,628 shares 35 35 Additional
paid-in capital 314,403 311,811 Earnings retained in the business
414,069 452,057 Treasury stock—3,480,303 and 3,477,291 shares,
respectively of Class A nonvoting
common stock, at cost
(93,234 ) (93,337 ) Accumulated other comprehensive (loss) income
(45,034 ) 64,156 Other (3,064 ) (2,159 )
Total
stockholders’ investment 587,688 733,076
Total $ 1,062,897 $ 1,253,665
BRADY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited; Dollars in thousands) Twelve
months ended July 31, 2015 2014 Operating activities: Net earnings
(loss) $ 2,987 $ (45,968 ) Adjustments to reconcile net earnings
(loss) to net cash provided by operating activities: Depreciation
and amortization 39,458 44,598 Non-cash portion of restructuring
charges 4,164 566 Non-cash portion of stock-based compensation
expense 4,471 5,214 Impairment charges 46,867 148,551 Loss on sale
of business, net 426 1,238 Deferred income taxes (7,233 ) (27,516 )
Changes in operating assets and liabilities (net of effects of
business acquisitions/divestitures): Accounts receivable 1,317
(3,600 ) Inventories (763 ) (12,608 ) Prepaid expenses and other
assets 9,188 (278 ) Accounts payable and accrued liabilities (8,516
) (20,508 ) Income taxes 982 3,731 Net
cash provided by operating activities 93,348 93,420
Investing activities: Purchases of property, plant and equipment
(26,673 ) (43,398 ) Sale of business, net of cash retained 6,111
54,242 Other 6,197 (637 ) Net cash (used in)
provided by investing activities (14,365 ) 10,207 Financing
activities: Payment of dividends (40,976 ) (40,487 ) Proceeds from
issuance of common stock 1,644 12,113 Purchase of treasury stock —
(30,581 ) Proceeds from borrowing on credit facilities 83,382
73,334 Repayment of borrowing on credit facilities (32,314 )
(62,398 ) Principal payments on debt (42,514 ) (61,264 ) Income tax
on equity-based compensation, and other (1,374 )
(6,104 ) Net cash used in financing activities (32,152 ) (115,387 )
Effect of exchange rate changes on cash (14,173 ) 2,536
Net increase (decrease) in cash and cash equivalents 32,658
(9,224 ) Cash and cash equivalents, beginning of period
81,834 91,058 Cash and cash
equivalents, end of period $ 114,492 $ 81,834
Supplemental disclosures: Cash paid during the period for: Interest
$ 11,164 $ 14,594 Income taxes, net of refunds 25,024 33,043
BRADY CORPORATION AND SUBSIDIARIES SEGMENT
INFORMATION (Unaudited; Dollars in Thousands) Three Months
Ended July 31, Year Ended July 31, 2015 2014 2015 2014
SALES TO
EXTERNAL CUSTOMERS ID Solutions $ 201,536 $ 214,397 $ 806,484 $
825,123 Workplace Safety 87,100 102,336
365,247 399,911 Total $ 288,636
$ 316,733 $ 1,171,731 $ 1,225,034
SALES INFORMATION ID Solutions Organic (0.3 )% 1.2 %
1.7 % 2.9 % Currency (5.7 )% 0.4 % (4.0 )% (0.2 )% Acquisitions
— % — % — % 8.9 % Total (6.0 )%
1.6 % (2.3 )% 11.6 %
Workplace Safety
Organic (3.2 )% 0.9 % (0.4 )% (4.6 )% Currency (11.7 )% 1.9 % (8.3
)% 0.1 % Acquisitions — % — % — % — %
Total (14.9 )% 2.8 % (8.7 )% (4.5 )%
Total Company Organic (1.2 )% 1.1 % 1.0 % 0.2 % Currency
(7.7 )% 0.9 % (5.4 )% (0.1 )% Acquisitions — % — %
— % 5.7 % Total (8.9 )% 2.0 %
(4.4 )% 5.8 %
SEGMENT PROFIT ID Solutions $
29,040 $ 43,334 $ 149,840 $ 176,129 Workplace Safety 15,895
18,425 56,502
66,238 Total $ 44,935 $ 61,759 $
206,342 $ 242,367
SEGMENT PROFIT AS A PERCENT OF
SALES ID Solutions 14.4 % 20.2 % 18.6 % 21.3 % Workplace Safety
18.2 % 18.0 % 15.5 % 16.6 % Total
15.6 % 19.5 % 17.6 % 19.8 %
Three Months Ended July 31, Year Ended July 31, 2015 2014
2015 2014 Total segment profit $ 44,935 $ 61,759 $ 206,342 $
242,367 Unallocated amounts: Administrative costs (28,001 ) (28,411
) (107,348 ) (120,015 ) Restructuring charges (2,830 ) (810 )
(16,821 ) (15,012 ) Impairment charges (46,867 ) (148,551 ) (46,867
) (148,551 ) Investment and other income (123 ) 515 845 2,402
Interest expense (2,762 ) (3,523 ) (11,156 )
(14,300 ) Earnings (loss) from continuing operations before
income taxes $ (35,648 ) $ (119,021 ) $ 24,995 $ (53,109 )
GAAP to NON-GAAP MEASURES (Unaudited; Dollars in
Thousands, Except Per Share Amounts) In
accordance with the U.S. Securities and Exchange Commission’s
Regulation G, the following provides definitions of the non-GAAP
measures used in the earnings release and the reconciliation to the
most closely related GAAP measure.
Earnings from
Continuing Operations Before Income Taxes Excluding Certain
Items: Brady is presenting the Non-GAAP measure "Earnings from
Continuing Operations Before Income Taxes Excluding Certain Items."
This is not a calculation based upon GAAP. The amounts included in
this Non-GAAP measure are derived from amounts included in the
Consolidated Financial Statements and supporting footnote
disclosures. We do not view these items to be part of our
sustainable results. We believe this profit measure provides an
important perspective of underlying business trends and results and
provides a more comparable measure from year to year. The table
below provides a reconciliation of (Loss) Earnings from Continuing
Operations Before Income Taxes to Earnings from Continuing
Operations Before Income Taxes Excluding Certain Items:
Three months ended July 31, Twelve months ended July 31 2015 2014
2015 2014
(Loss) Earnings from Continuing Operations Before
Income Taxes (GAAP measure) $ (35,648 ) $ (119,021 ) $ 24,995 $
(53,109 ) Restructuring charges 2,830 810 16,821 15,012 Impairment
charges 46,867 148,551 46,867 148,551 Other non-routine charges
7,430 - 7,430 - Postretirement benefit plan curtailment gain - -
(4,296 ) -
Earnings from Continuing Operations
Before Income Taxes Excluding Certain Items (non-GAAP
measure)
$ 21,479 $ 30,340
$ 91,817 $ 110,454
Income Taxes on Continuing Operations Excluding Certain
Items: Brady is presenting the Non-GAAP measure "Income Taxes
on Continuing Operations Excluding Certain Items." This is not a
calculation based upon GAAP. The amounts included in this Non-GAAP
measure are derived from amounts included in the Consolidated
Financial Statements and supporting footnote disclosures. We do not
view these items to be part of our sustainable results. We believe
this measure provides an important perspective of underlying
business trends and results and provides a more comparable measure
from year to year. The table below provides a reconciliation of
Income Taxes on Continuing Operations to Income Taxes on Continuing
Operations Excluding Certain Items: Three months ended July
31, Twelve months ended July 31 2015 2014 2015 2014
Income Taxes
on Continuing Operations (GAAP measure) $ 3,746 $ (22,040 ) $
20,093 $ (4,963 ) Restructuring charges 672 230 5,078 4,751
Impairment charges - 31,157 - 31,157 Other non-routine charges
2,673 - 2,673 - Postretirement benefit plan curtailment gain - -
(1,504 ) -
Income Taxes on Continuing Operations
Excluding Certain Items (non-GAAP measure)
$ 7,091 $ 9,347 $
26,340 $ 30,945
Net Earnings from Continuing Operations Excluding Certain
Items: Brady is presenting the Non-GAAP measure "Net Earnings
from Continuing Operations Excluding Certain Items." This is not a
calculation based upon GAAP. The amounts included in this Non-GAAP
measure are derived from amounts included in the Consolidated
Financial Statements and supporting footnote disclosures. We do not
view these items to be part of our sustainable results. We believe
this measure provides an important perspective of underlying
business trends and results and provides a more comparable measure
from year to year. The table below provides a reconciliation of Net
(Loss) Earnings from Continuing Operations to Net Earnings from
Continuing Operations Excluding Certain Items: Three months
ended July 31, Twelve months ended July 31 2015 2014 2015 2014
Net (Loss) Earnings from Continuing Operations (GAAP
measure) $ (39,394 ) $ (96,981 ) $ 4,902 $ (48,146 )
Restructuring charges 2,158 580 11,743 10,261 Impairment charges
46,867 117,394 46,867 117,394 Other non-routine charges 4,757 -
4,757 - Postretirement benefit plan curtailment gain - - (2,792 ) -
Net Earnings from Continuing Operations
Excluding Certain Items (non-GAAP measure)
$ 14,388 $ 20,993
$ 65,477 $ 79,509
Net Earnings from Continuing Operations Per Diluted Class
A Nonvoting Common Share Excluding Certain Items: Brady is
presenting the Non-GAAP measure "Net Earnings from Continuing
Operations Per Diluted Class A Nonvoting Common Share Excluding
Certain Items." This is not a calculation based upon GAAP. The
amounts included in this Non-GAAP measure are derived from amounts
included in the Consolidated Financial Statements. We do not view
these items to be part of our sustainable results. We believe this
measure provides an important perspective of underlying business
trends and results and provides a more comparable measure from year
to year. The table below provides a reconciliation of Net (Loss)
Earnings from Continuing Operations Per Diluted Class A Nonvoting
Common Share to Net Earnings from Continuing Operations Per Diluted
Class A Nonvoting Common Share Excluding Certain Items:
Three months ended July 31, Twelve months ended July 31 2015 2014
2015 2014
Net (Loss) Earnings from Continuing Operations Per
Diluted Class A $ (0.77 ) $ (1.89 ) $ 0.10 $ (0.93 )
Nonvoting Common Share (GAAP measure) Restructuring charges
0.04 0.01 0.23 0.20 Impairment charges 0.91 2.29 0.91 2.26 Other
non-routine charges 0.09 - 0.09 - Postretirement benefit plan
curtailment gain - - (0.05 ) -
Net Earnings from Continuing Operations
Per Diluted Class A Nonvoting Common Share Excluding Certain Items
(non-GAAP measure)
$ 0.28 $ 0.41 $
1.27 $ 1.53
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150911005142/en/
Brady CorporationInvestor contact:Ann Thornton,
414-438-6887orMedia contact:Carole Herbstreit, 414-438-6882
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