By Sabela Ojea
Shares of Brady on Monday dropped on pace for its largest decrease in more than a year after the workplace manufacturing company cut its guidance for per-share earnings for the fiscal year.
The stock was down 5.7% to $69.95 in recent trading. Shares have jumped 30% over the past 12 months.
The company said it continues to expect earnings of $4.02 to $4.32 per share to reflect amortization and other acquisition-related charges. In September, Brady had forecast per-share earnings of $4.20 to $4.45.
"We remain focused on innovation and on our consistent priorities, which we believe will continue to drive future growth," Chief Executive Russell Shaller said.
Brady kept unchanged its adjusted per-share earnings outlook at $4.40 to $4.70, as well as its views for organic sales growth in the low single digit percentages.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 18, 2024 11:43 ET (16:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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