Investing.com -- Shares in Brady Corporation (NYSE:BRC) surged in early U.S. trading on Tuesday after the maker of label printing systems unveiled a higher-than-anticipated income per share forecast for its 2024 fiscal year.
The Milwaukee-based group said it now sees adjusted earnings per share coming in at between $3.85 to $4.10 in the year ended on July 31, 2024, topping Bloomberg consensus estimates of $3.84. Brady also expanded its share buyback program, authorizing an additional $100 million in stock repurchases.
In the fourth quarter of its 2023 financial period, diluted earnings per share jumped by 23.5% to a record high of $1.00, beating expectations of $0.93, thanks in part to strong sales at both of its main regional groupings: Americas and Asia as well as Europe and Australia.
Chief Executive Officer Russell Shaller said in a statement that Brady is entering the next fiscal year "with positive momentum."