Brady Corporation has recently released its 10-K report, providing detailed insights into its financial performance and operations for the year ended July 31, 2024. The company, founded in 1914 and headquartered in Milwaukee, Wisconsin, specializes in manufacturing and supplying identification solutions (IDS) and workplace safety (WPS) products globally. Brady serves various industries, including industrial and electronic manufacturing, healthcare, chemical, oil, gas, automotive, aerospace, governments, mass transit, electrical contractors, education, leisure and entertainment, telecommunications, and others through distributors, direct sales force, and digital channels.
In the 10-K report, Brady Corporation's Management’s Discussion and Analysis of Financial Condition and Results of Operations highlighted several key financial metrics. The net sales for the fiscal year 2024 increased by 0.7% to $1,341.4 million compared to $1,331.9 million in fiscal 2023. The gross margin increased by 4.7% to $687.9 million in fiscal 2024 from $657.3 million in fiscal 2023, with a gross margin percentage increase to 51.3% in fiscal 2024 from 49.4% in fiscal 2023.
Research and development (R&D) expenses increased by 10.4% to $67.7 million in fiscal 2024 compared to $61.4 million in fiscal 2023. Selling, general and administrative (SG&A) expenses increased by 1.6% to $376.7 million in fiscal 2024 compared to $370.7 million in fiscal 2023. Operating income increased by 8.1% to $243.4 million in fiscal 2024 compared to $225.2 million in fiscal 2023, with an operating income percentage increase to 18.1% in fiscal 2024 from 16.9% in fiscal 2023.
The company's net income for the fiscal year 2024 was $197.2 million, a 14.7% increase from $174.9 million in fiscal 2023. The Americas & Asia segment's net sales decreased by 0.3% to $886.5 million in fiscal 2024 compared to $888.9 million in fiscal 2023, while the Europe & Australia segment's net sales increased by 2.7% to $454.9 million in fiscal 2024 compared to $443.0 million in fiscal 2023.
In terms of liquidity and capital resources, Brady Corporation had cash of $250.1 million at July 31, 2024, with a credit agreement providing $207.3 million available for future borrowing, which can be increased up to $1,042.3 million at the Company's option. The company's net cash provided by operating activities was $255.1 million during fiscal 2024, an increase from $209.1 million in fiscal 2023. The net cash used in investing activities was $81.0 million during fiscal 2024, primarily consisting of capital expenditures of $79.9 million. Net cash used in financing activities was $70.5 million during fiscal 2024, a decrease from $163.6 million in fiscal 2023.
Brady Corporation's 10-K report provides a comprehensive overview of its financial performance and operational highlights, indicating a steady growth trajectory and a strong financial position as of the end of the fiscal year 2024. Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $72.4. For the full picture, make sure to review Brady's 10-K report.
