Specialty Products Maker Brady Increases Annual Dividend By 2%

Brady Corp BRC said its Board of Directors approved an increase in the annual dividend to shareholders from $0.92 per share to $0.94 per share, representing a 2.2% increase.

A quarterly of $0.235 per share will be paid on October 31, 2023, to shareholders of record at the close of business on October 10, 2023. 

This dividend represents the 38th consecutive annual increase in dividends.

The company reported Q3 FY23 sales decline of 0.4% year-on-year to $337.1 million, missing the analyst consensus of $342.7 million. EPS of $0.95 beat the consensus estimate of $0.92.

Also, it raised the lower end of FY23 EPS outlook from $3.40 - $3.60 to $3.45 - $3.60.

Brady will report 4Q FY23 earnings before the market opens today.

Brady's products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software.

Price Action: BRC shares closed higher by 0.71% at $50.80 on Friday.