Brady Corp. (NYSE:BRC) shares are marching higher today after the identification solutions provider posted better-than-expected fourth-quarter numbers. The company also expanded its stock buyback program and boosted its annual dividend by 2%.
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During the quarter, revenue rose 6.8% year-over-year to $345.9 million, outpacing estimates by $16.7 million. This rise in the top line was driven by gains across the Americas & Asia and Europe & Australia regions. Furthermore, the company’s EPS of $1.04 comfortably cruised past expectations by $0.11, marking a 19.5% increase over the previous year’s EPS.
During the year, Brady repurchased $75 million worth of shares and distributed dividends worth $45.4 million. Now, the company has expanded its share repurchase program by an additional $100 million and boosted its annual dividend by 2.2% to $0.94 per share. Its quarterly dividend of $0.235 per share is expected to be distributed on October 31 to investors of record on October 10.
Looking ahead to Fiscal Year 2024, Brady expects EPS to land between $3.85 and $4.10. In addition, capital expenditures are anticipated at $75 million.
Today’s price gains come on top of a 20.5% rise in Brady shares over the past year.
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