Brady Corporation (NYSE:BRC) Q2 2023 Earnings Conference Call February 24, 2023 10:30 AM ET

Company Participants

Ann Thornton - Chief Accounting Officer

Russell Shaller - Present and Chief Executive Officer

Aaron Pearce - Chief Financial Officer

Conference Call Participants

Cashen Keeler - Bank of America Securities, Inc.

Steve Ferazani - Sidoti

Keith Housum - Northcoast Research

Operator

Good day and thank you for standing by. Welcome to the Q2 2023 Brady Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. And I would now like to hand the conference over to your speaker today, Ms. Ann Thornton, Chief Accounting Officer. Ms. Thornton, please go ahead.

Ann Thornton

Thank you. Good morning and welcome to the Brady Corporation fiscal 2023 second quarter earnings conference call. The slides for this morning’s call are located on our website at www.bradycorp.com/investors. We will begin our prepared remarks on Slide #3. Please note that during this call, we may make comments about forward-looking information. Words such as expect, will, may, believe, forecast, and anticipate are just a few examples of words identifying the forward-looking statement.

It’s important to note that forward-looking information is subject to various risk factors and uncertainties, which could significantly impact expected results. Risk factors were noted in our news release this morning and in Brady’s fiscal 2022 Form 10-K, which was filed with the SEC in September of 2022.

Also, please note that this teleconference is copyrighted by Brady Corporation and may not be rebroadcast without the consent of Brady. We will be recording this call and broadcasting it on the Internet. As such, your participation in the Q&A session will constitute your consent to being recorded.

I’ll now turn the call over to Brady’s President and Chief Executive Officer, Russell Shaller. Russell?

Russell Shaller

Thank you, Ann, and thank you for all for joining us today. This morning, we released our fiscal 2023 second quarter financial results, which represented another solid quarter of results across our businesses. This quarter marks our eighth consecutive quarter with at least 6% organic sales growth. This streak is a testament to the hard work of the entire Brady team who are focused on providing the best possible customer experience, while delivering highly innovative proprietary products that [our competition] [ph] just cannot provide.

And so, foreign currency continues to be a headwind. We still grew earnings per share by 16.9% this quarter. We once again improved profitability, while investing in R&D, expanding our sales force, and improving our digital capabilities, which should keep us on this upward trajectory. I'm proud of how the entire Brady team worked through this challenging macro environment, all while delivering for both our customers and our shareholders.