Brady Corporation (NYSE:BRC) Q1 2024 Earnings Conference Call November 16, 2023 10:30 AM ET

Company Participants

Ann Thornton - Chief Financial Officer

Russell Shaller - President and Chief Executive Officer

Conference Call Participants

Steve Ferazani - Sidoti

Keith Housum - Northcoast Research

Operator

Good day and thank you for standing by. Welcome to Brady Corporation's First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. [Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to turn the call over to Brady Corporation's Chief Financial Officer, Ann Thornton.

Ann Thornton

Thank you. Good morning, and welcome to the Brady Corporation Fiscal 2024 First 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 number three. 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 a 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 2023 Form 10-K, which was filed with the SEC in September. 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 all for joining us today. This morning, we released our fiscal 2024 First Quarter Financial results, which was another great quarter of execution and improved profitability. Our non-GAAP earnings per share increased 19% this quarter on organic sales growth of 2.7%. We continue to invest in our business through our expanded R&D and digital capabilities while at the same time, growing earnings and strengthening our balance sheet.

Our change to a regional structure last fiscal year has increased our ability to generate improved earnings and cash flow. This reinforces our ability to focus on new products and sales generating investments so that we can continue to grow organic sales over the long term.