BRC - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the First Quarter 2020 Brady Corporation Earnings Conference Call. At this time, all participants' lines are in a listen-only mode. After the speakers' presentation there will be a question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

to conference like speaker to now Ms. today, would hand over the your I Accounting Officer. Chief Thornton, Ann Ma'am, begin. you may

Ann Thornton

Thank you. The Good website Corporation morning's fiscal morning are at and welcome first call earnings to www.bradycorp.com/investors. quarter conference on call. located slides this XXXX for our the Brady

examples various note during forward-looking impact believe, that We begin filed few information. with important forward-looking Form forward-looking just as risk were release information will, factors this Risk may, Brady's that Words and SEC results. the identifying remarks we anticipate and may a #X. uncertainties, Please on is such noted the will significantly quarter call, subject fiscal Slide could make forecast morning which our first statements. are news prepared to this XX-Q, which to was note our words factors this of morning. in comments and expected in about expect, XXXX It's

Corporation copyrighted Also, please note Brady of consent without that not is Brady. this by rebroadcast the be and teleconference may

be recording this on will broadcasting and Internet. the it call We

in your the session your consent will participation to being such, As constitute recorded. Q&A

Nauman. Brady's I'll Executive Michael Chief over now to President Officer, turn call the and

Michael Nauman

fiscal for morning. generation. morning joining financial quarter improvement you, cash strong report profit you and pleased Thank released another our Ann. to and this thank XXXX I’m us. Good all first We results quarter of

increased earnings cash by of increased by strong income excess share income X.X%, XX.X% we per pretax earnings. and quarter all net to in This while increased XX.X%, flows generate continuing by

quarter. sales declined organic X.X% this Total by

but resulted a a Workplace the Identification outside challenges both including by the the enjoyed United sales organic and in decline This effects slight is The several We East decline Safety industrial our of around was we've in several trend challenging growth experienced we've of last that IDS in which Middle driven the the this reversal the macroeconomic economy this for the that and are seeing only X.X%, China, years. Europe, quarter. businesses organic Solutions globe in of was a in States. geographies

WPS in working our backdrop by declines has business the as this by well, improved. offset Europe X.X% to business but we and The to our certainly to the share see economic modest we and has challenges. Europe sales single-digit decline can North Organic decreased impacted in Australia growth as WPS North was improvements Australia. same in in our business hard take At in we're continue America offset wherever these already low time, American steadily quarter,

in we can and execution economic business We're controlling the to with To this we're what throughout of extremely gains combat while steady our this with our as push priorities all with return generating revenue consistent resources sluggish progress to and pleased profit we to sales well, which key and customers development business. growth. our environment, serve this are product efficiency sustainable driving new invest

recover. improving for We us manufacturing business, our stronger end in an believe our focus throughout positions and even return savings markets driving this growth organic relentless with investing extremely processes on while once well our

challenging, and is a we're economy performing industrial in of our businesses the Although geographies. well number

product Americas the seeing in solid continues led U.S. business our was business generate strong IDS in This where returns. Our organic growth growth strength and by most markets. and to we're end lines

we've bringing to in providing quarter our that We IDS been investments forward looking to benefits. business recent also this launched new product new customers. our several development are Our in products

We're business decline WPS since increased digital low throughout this in steady The progress in mid fourth quarter. sequentially sales North last making quarter sales and our North improvement to progress was improving single-digit the WPS declined in American make this which presence. to business the a continues single-digit America quarter. its digital sequential

profitable to on the we're this business growth. believe continue We that track return to right to

improvements four the and years our is last organic quarter XXXX. ahead SG&A for no and beginning and in this what trend gains With to the profit was exception. executed within we're digital of fiscal place of sales looking a believe presence the in improving, we We've fundamentals efficiency

of sustainable making We several execute now continue that the improvements are are to throughout drive beginning payoff. and process and both team's our identify started to businesses, in the the strong were which necessary testament resources a is to commitment This many and long-term years time improvements. over last to to investments

over call to specific results financial the then turn businesses. our I'll Aaron? workplace discuss commentary safety and provide I'll to solutions, our and to return Now, about Aaron identification

Aaron Pearce

The $XXX.X X.X% from million everyone. decline good X. an first of Thank the consisted organic of Slide was X.X% Sales on morning compared income a of in last you, and the while Michael, X.X% up to which this $XX.X financial review starts income were and in quarter Pretax year. foreign to XX.X% net increased million currency first of decrease million quarter translations. quarter sales $XX.X

from $X.XX flow last cash activities generation $XX.X in solid, quite especially double mentioned. first this cash year's than economic to million in $XX.X which compared more $X.XX realized quarter to we that first were our Michael quarter. XX.X% Overall, million and increased last growth EPS operating is quarter given the year's was the challenges Diluted and earnings

by to Australian to America, We Asia. the in American was North organic due IDS growth quarter. X.X% of enough WPS this decline quarterly lines division IDS Turning sales North in will The sales #X, in in bring to to decreased The IDS entire sales was X.X%. decline macro Slide not in Europe and growth our businesses. several was WPS saw organic organic this businesses but organic and decreased you challenges and product trends. our foreign organic most find sales in driven our sales

our the business in low quite to single-digit America in wasn't and growth offset mentioned, declines North Michael European enough As Australia.

gross Slide #X trending. is margin our profit

each areas quarter, year's cost pressures basis Our largest XX seeing last our focused quarter. of to effort are in our an improvements cost and gross and XX.X% We're that being offset day. from was IDS driving WPS driving materials. with facilities which increases. labor opportunities manufacturing raw is strong every in pipeline We're decrease these input this a a we certain profit have and points our margin on And throughout process first aggressively pressure of cost both teams of

#X, the our million find Slide compared to quarter SG&A was $XX.X of last this SG&A first due in quarter $XX.X you'll Approximately trending. third this expense to decrease to our was dollar million Turning thirds of sustainable to remaining foreign due year. currency SG&A strengthened most process efforts decrease U.S. drive the improvements ongoing was structure. throughout of the translation as currencies. major And two to one against our this

decreased the quarter. to sales this sales in of As SG&A first last year of a from XX.X% percent quarter XX.X% of

trending outlines investments research our in development. and #X of the Slide

This quarter million we on spent XX R&D.

to time our continue and very we're invest that while committed time, in the that We dollar same to in so disciplined spent increasing we over are every the R&D. we at ensuring get most new of development product out investments

of X.X% in in #X, quarterly our income. increase pretax comparable pretax trending year's last earnings by particularly you'll more in by first Slide than pretax increased earnings to find income comparison grew as $XX.X to Moving a XX% quarter. is quarter. to hard pretax X.X% We this This million we

and continue gains in a direct we've a ability improve years is will implement challenging efficiency of to last the environment economic several result in sustainable the implemented Our pretax over future. the industrial to earnings

this increase $X.XX trends. our EPS XX.X%. Diluted #X an in had last earnings, year illustrates quarter this we to Along of first Slide per increased income increase from earnings an lower tax year, with the after-tax share rate and in $X.XX of also pretax quarterly a quarter.

a This was tax last to due first from ending approximately tax XX.X%. was XX% lower than full audit the rate favorable the quarter tax benefits year's X.X% impact tax and be We for This rate now our of XXXX. was realization equity-based fiscal primarily the year July compensation. settlement while rate XX, expect normal tax quarter's of rate to

annual activities Turning while to majority $XX.X of compensation annual year. generation find summary generation. compensation of was We to the cash from quarter. to the Slide Last same quarter. $XX.X year's portion the cash year made split generated improved annual last second vast due of payments were this compensation to million payments. of during year in incentive the $XX.X our you'll between first incentive quarter #XX, first second compared flow operating million and our incentive cash be of in cash A will flow quarters, payments quarterly million the a million this Free compared timing last $XX.X was

On an always excess are annual flow in cash on focused long-term we've cash consistently basis right and income the generated of organization. we the decisions for making net

dividends in our to add to of This processes. machinery in quarter million of new manufacturing drive we $X.X efficiencies $XX.X shareholders expenditures, further most million in also form either to and equipment capital our new which invested and was or returned capabilities the we

cash increased to in along a with position the our #XX at position approximately outlines million quarter the end We quarter debt annual cash the $XXX million. trending finished invest this expenditures Slide net net the our by quarter. continuing while position of in net cash dividend. increasing $XX We and of our of structure capital our

next outstanding denominated no renewed for €XX borrowings we Our million and of line private a scheduled credit. May in consists placement year debt repayment of of recently on have our

remains allocation consistent. to approach Our capital

We patient. are we and are disciplined

and our resources, capital in increase enhancing cycle, economic expenditures, our use includes and opportunities IT to product generating facilities. which capability fund and cash in development, improvements, automation First, to investments sales the sales throughout organic we efficiency funding new capital efficiency expenditures

strong returning cash to our repurchases. a returns to After in we of our use funding then and in for our acquisitions the cash on And dividends. we where cash have deploy funding shareholders second, and focus opportunistic organic manner we dividends, we we improve form investments through shareholder believe share opportunities synergistic disciplined

cash strong. is Our generation

is through on strong this shareholders focused allocation long-term driving disciplined our of value sheet balance capital. Our we're for and

the guidance full rate of diluted XX, our $X.XX $X.XX our per EPS of increasing reduced to Because is tax share. new to we're range XXXX. year #XX range fiscal guidance Slide the to previous income ending from $X.XX of our our $X.XX for July full-year

XX, growth expectations sales for ending remain the organic to at year fiscal X.X% approximately XXXX. July Our unchanged full X.X%

year. ending our be This approximate XX% million mentioned, to guidance fiscal are forecasts million of full tax as tax and for anticipate income and approximately also expected capital XX% rate to we XX, this rate $XX to longer consistent amortization XXXX. expense And range approximately the with is for $XX Depreciation I expenditures expect our and year approximate beyond. we July XXXX/XX

is results dollar. foreign U.S. a any October based excluding of on guidance. or And rates fully the guidance strength be continue expense of guidance accordance with the on we're headwind this in due financial currency XX, to is which based one-time exchange income from as GAAP. This to items not This U.S.

to the call turning closing before Q&A. call results to and over comments turn now some our over cover divisional Michael I'll the to to back provide Michael?

Michael Nauman

Americas IDS business. $XXX sales single the this Slide sales of Organic X.X% in in outlines our the you, an Thank to results the organic sales translation finishing solid X.X% currency identification X.X% digits low region. growth with for decrease first growth in see facility our continued at declined Solutions the of organic foreign # We've declined and Aaron. U.S. financial XX quarter. strongest a and increased products. quarter safety from with Identification in million

conditions sales and of in to single this digits declined X.X% both Organic digits the to reduction this IDS in and quarter. Asia. Asia quarter and Europe growth economic increased sales softer organic see low mid-single the Europe in in an half started in million decreased resulting continued last year the in profit organic first back in in segment an We've $XX.X these rates overall quarter. our in

As quarter a last the was improvement year's XX.X%. segment which over percentage XX.X%, profit an same of segment of was sales profit

industrial profitability of improvement decline organic profitability sales foreign to was of a continue we've though We efficiency had currency as improvement been gains and This result that in to drive ongoing important soft the we even makes The year our economy our the initiatives much business. SG&A. compared that process reductions and improvements pushing improved U.S. the more modest the throughout process outside prior we headwinds.

We in will R&D. remain committed to investment our

variety with tech full of applications. This quarter several high materials suit of a we manufacturing launched

and compliance and electronic For heat, is industrial launched instance, meet board resistant pre-process labels labeling for printing a range process wide labels humidity to transfer and These component and are thermal labeling designed and in manufacturing. which polyimide requirements. we corrosion, of circuit chemicals, governmental

during example most a day. a Both importantly outdoor prevents withstand label extremely of shipping. we of We label GHS solution all used materials marine that that a of material the for with to built be our elements and can inkjet compliance offer reliable customers of these printer high-tech in industries We've our combine launched high-resolution that variety requirements that in inkjet high they failures of applications shipping. results face compliance each can are for reliable every full-color a great that designed materials also line the the specifically overseas quality are and high in the cost printers meets are solutions clear

For X%. the growth from expect XXXX X% fiscal IDS organic year full sales we to

and SG&A. will sales our continue our new in both and and customers facilities in invest invest We manufacturing are top to continue to priorities opportunities growth in to and which products, our to We launch efficiencies to organic SG&A. well, innovative efficiencies extremely throughout remain R&D committed our R&D, processes and in to to serve drive drive in

Europe our WPS of decline declined sales and currency We're in this North of X.X% Organic we have of an organic sales in back year. improvements at decrease half X.X% low translation single implemented X.X% outlines safety the last increased in of $XX performance. XX as seeing million America. in foreign Slide digital workplace quarter. from modestly a sales declined changes finishing and American consistent a sales North both result Australia our and in the the with digits

digit sales Overall last change. decline our to WPS our the to of digital level rate have quarter. the profitability. improved back organic build still continued But to American platform to turn to digits North work consistent mid-single experienced we sales and decline us increased business as prior priorities low three remain on ahead in our focused improve single to initial compared we growth sales to We of

customers customers buying which growth way as as a whether in essential websites. it on to exactly combination they catalogue, so it we're is to experience we're the leading is having simple prefer our First, business channels improving person, is reach reached our possible, mobile, online, these why industry be or the for focused through that returning is our of

requirements This and better better this by serve needs dealing compliant we're interaction force specific only a orders. are doing compliance expanded sales what filling complete offering our our our and us do expertise and competitors that with rather understand through those increasing from identification in us perspective possess. customer expertise our We're industry safety our to than not Second, and customers solutions. with regulatory allows helps

ability customize products of is quickly one our to strengths Third, our and return orders.

value our customer priorities, three our portfolio and on products by we that We improving by improves increasing bring products profitability long-term. introducing over focusing proprietary are customized and We of the believe need. sales our more to that customers and that customers we're creates loyalty these our the which

recovery Our will in been has North and America continue to be choppy.

in the on Europe. markets help XXXX focus is us Western track dedication our solid quarter this market. to Europe in although we're believe we right challenging sales However, team have a were of business. and Organic our grow business in a this our by end The lead WPS fiscal key to continues European

that $X.X Our last we're We're low focused so the growth opportunities $X.X can Australia to to and this and sales. macro digits of return Economic profit segment environment business declined pipeline million on recently we in slowed quarter. Australia seeing in single decline million compared quarter. impact of growth. this WPS was year's has the our our first improving on reverse this in

percentage of of sales the As X.X% segment compared this a same quarter last year. profit to X.X% quarter in

reduced cost For from profit expect continued fiscal structure organic XXXX be WPS in segment business through sales the approximately improve efficiency flat our full expect we opportunities in to year and benefits the to and SG&A. we

in and results, proud against to our SG&A North seen WPS increase our once total facilities efficiency geographies and I'm our our trend currency American sequential environment in of throughout structure. this Brady's continued challenging controlling in at executing outside We've to profitability again North slowed have again improvements rates organic foreign business. opportunities Looking where our sales ability manufacturing economic We're of us America. costs

sales we're plan maintaining just SG&A part we're and stronger Our continues selling manufacturing today, economic business to be real We than even eliminating we in while of is spirit to and our in organic in which by position IDS by to to must in in growing and confident activity But setting focused through to growth. focus opportunities remain slowest up on new North ourselves or a sustainable investing come and execute strong America on distractions efficiency nicely, we're do resources R&D products. fueled sluggish and priorities are the that.

We're Overall, strong and now tight financial we're the in future. and a labor costs organization very strong delivering with accountable market, the dealing into but position. Brady to is increasing and some material committed is currency headwinds, an performance foreign that

now Q&A. would to for like start I Operator, instructions please you the would listeners? provide

Operator

from Instructions] comes And question Thank Northcoast first you. [Operator Research. Keith from Housum our

is open. Your line

Keith Housum

a the second that little your the versus X%? more quarter IDS for expectations growth Mike, Thanks expectations, the on to you confidence how in for you opportunity. able results guys. here bit with the keep then just be rate decline went, morning, will and specifically, gives Good your what the annual to

Michael Nauman

would very slow - I Keith. - in of build household saw was factors that morning, October. across incredibly and August, September Good in an and we important We we quarter. to unanticipated board, a saw the this say able are couple on were then

So believe better despite the overall do is extremely results to quarter, indicated. than we trend that last the start the quarterly slow

Keith Housum

lowest gross margins, several I have gross years. Great. most year-over-year, a And had seen it's while you've margins I've in then point over guys the probably XX to decline the basis think switching over the that's and past the

your keep color and automation you're confidence the to seeing up for any your wages, Your that your with of raw pressures some inputs with in efforts ability the that? on

Michael Nauman

are effort. move in board that the across actually we forward to Yes, continuing

the beginning I our part an through of you with our it's our all think at of communications annual may year. culture know, facilities as meeting

doing, I'm new that tell what I being Having are gets So all of now. can you, at eyes with are just and that are up, projects that pleased coming not extremely doing. finishing our process, introduced our what right projects pipeline are we we leadership be but only facilities, on the should senior forward the finished

We By just move have the for It's a employee lot of forward. our base. good productivity improvements. is to not good way, Keith opportunity this for

our generationally, desires the sealed interact continuing interactive manufacturing nature our base. technology to employee employees fit As with shift of they equipment, our line automated we like the changes with systems, our manufacturing, new and of of would in how new

Keith Housum

Great, thanks. I appreciate it. luck. Good

Michael Nauman

you, sir. Thank

Operator

from Mondillo Thank from you. next [Operator our And Instructions] Joe comes question Sidoti.

line open. Your is

Michael Nauman

Joe. Good morning,

Unidentified Analyst

Brian It's Good sir. taking Thanks morning. actually for question my on Joe. for

Michael Nauman

Brian. Hi,

Unidentified Analyst

I first one questions U.S. Just real on couple in is end and quick specifically what's divisions still solid, IDS growth any a or driving the had like particular markets the that? or things organic – that, really

Michael Nauman

and the Safety ID Brian, quarters our last been cadence over facility to market, product our development, patented new revenue in you, but but really that the that is tell strongest of see also been calls as a I'd of products industrial that you've proprietary driver little Our in growing listening strongly. are into longer other than hold. to to take active starting have the In develop takes marketplace, marketplaces, few we

we're product seeing of and Brady addition our much sets, users, can user are that, has set with the brand, advantage a really we well. the they doing the Brady better can reputation. job as with to work end connecting take we that In more But that the our better of a great interactively end

Unidentified Analyst

profitability any like that? great, there flattish and that things in business you, on sales far Healthcare. transitioning is of quarter, right, kind like and All how update trending as over thank as Looks the were then to

Michael Nauman

We feel businesses. that about good very

expected great choppiness we're As a growing, what I mentioned really little came we and we increased sales think we area. quarter, We've force out that exactly into in we've a did to new got I seeing see. last that foretell as

base. printer energy customer families that some really generating sets, within our product are New

with see we're direction to pleased the at So that where we in move and do right this point. continuing are

Unidentified Analyst

great. Then sales quarters that in to that recent right, Any also with looks All were specifically and happened potentially the North in organically. safety, over happen up could as segment well? what it like moving the workplace digital America those concern

Michael Nauman

throughout all any if times seeing very our WPS footprint there overs. We're hard global at bleed for looking are

which a direction several on the a for became have you digital disconnect we know, platform drove causes. apparent wrong it our us ago the June, did in to before months As as year root

this January, We moving have the of February right in since direction approximately year. been

like we're in markets and So we and hit confident that our way. and part really that do are needs. work to our the right addressed hard We customer in moving bifurcate to have Europe places

We the only that even not mentality but customer countries U.S. still European countries. feel different, from within fundamentally mentality, is and the of regions

approach our is to so somewhat different. And marketplace that

Just mining, headlined we as to industry have segment our primary from in and expand have job segments original that done been of we've effective working into an of Australia, different that.

Europe overall, always in are So economic issues and in challenge, both Australia. a

Unidentified Analyst

pipeline the know, or remarks, you one on last forward then we of of just or specifically your little that the me then maturity facility from involved? And how just, there something refinancing And looking M&A here, based a anything on in earlier, but credit right. else All bit you prepared was look was the that to? just aware touched is be should on

Aaron Pearce

answer I'll actually we to year a is expire the our a when Aaron, It about within credit was extend due to facility get we out. facilities like year credit this and question. typically Brian

really no circumstances. extenuating that's that's, that we are did reason the There So it. main other

Michael Nauman

or can't foreshadow and I philosophy activity. What talking that our logical that execute the you for driven way this been about M&A, M&A that as public juncture, strongly the my technology over ability foretell you to we a to point we a and whether is in have on happens not of and moving certainly into I foundation the In lot depends a as of look factors. fundamentals we're or company, on can an fact M&A have at in to back or a regards building, of created tenure, the you building Aaron tell

growth us looking that private that spot But at as the always is platform we in spot. is are create And right whether We point individuals the as with companies we're discussions to a we It see deal we better this cases. one key in they're are it that three. at in that drive can help can our at right for with important will to one actively, different plus combine technology forward you in equals the opportunities really many future. know

very both to got that be to it win got is as on win; market companies win to share, just real viable, that long-term that to and be our us in it's we based assured to not as but enable and and transactions forward. important really just But effort It's acquiring can to much will we we sets differentiation product you are focus on in technology our us be move more continuing through advantage that area. these

Unidentified Analyst

my well, right, appreciate another All taking and quarter. it. I on for solid Thanks questions congrats

Michael Nauman

Thank you, sir. appreciate it. I

Operator

Thank you.

Our from comes next Wells McGinn question from Fargo. Michael

is line open. Your

Michael McGinn

on Michael, quick Thanks. just destocking couple for know saw I particularly you Allison. you about forward color is This IDS, mentioned whether some August and could little you growth weak. had channels better talk is was was rearview a any just if have from I be you're you distributors. guys shorter that'd can a wondering I Mike going you to give lead that especially going great? and there if in times see the questions. us now

Michael Nauman

going said, changes the and but through of example, believe point, was as we progress cases, second at the that in we We in in that, all it it we is and across think then we than And the a in is want as Mike. teams through very that as August unique was board, that an all And September, stocking are situations. this October be the have experience thought experience patterns. although of are through clear, de-stocking we our that in across believe half down Brexit we through board. expected. weaker But stocking part within Europe many any morning I that absolute dramatic I that are do September, strong about it not did guarantee no to there businesses, Brexit, was case. tick consistent through related was Good The an initial regions, we particularly

Michael McGinn

question. longer you a more more approach between I offer little you XX-XX of that Thank offering? term fine the How perspective then just then Got of line on And give little ask you good, a it. like forward? a to a plentiful a R&D. approach us hear line is toe Michael, to you. a and there I could patented if Can to product better, on amount being going an aggressive able maybe do targeted SKUs still best with

Michael Nauman

very actually true. That is

take a going give buy an idea. about at XX% look WPS - distributor both talk we're value-added XX% instance to sets about we We are products, you product and believe where at I'm going, We moving that a resell. As for manufactured to in ideal up That enough of significant and about point. still we costs. XX% don't those products a is don't the are that possibly add all the or the significant amount to sheer is will point buy but resell, are or value value add lower the

for does products mean at them. What all customers. look addition with alternative the aren’t for durability mean That it providing all needed feature not points sets, value is our doesn't that, do cost are all levels customers we to In our not proprietary.

We've stripe Floor at Markings tough super stripe, look tough you levels example. If introduced great is of materials. a new

can regular customer a temporary grade and markings, very take We level durability of to and really give basic and them highest needs to explain those marking options We materials. the floor through floor them. have

That be think doesn't that's for well. mean products But patented. mean it their that I And something with how we can't differentiated does In them very providing do very, and/or all of level we're proprietary it. Brady need. it does cases

really of what on but case we We are have user applications, in durability of the our that, is. levels high also many depending super

your What customer products. So does as and the think but doing market a do new new need point We that. is I need are introduce and the we in about product, we valid. the And we evaluate bifurcation think there very development is that not base? that as only provide of really

is important that mind. So we that I and in keep that very that's agree something do

Michael McGinn

appreciate the I pass time. you. it along. Thank I'll

Michael Nauman

you, sir. Thank

Operator

I you. closing showing Michael back am Thank for turn questions from And no to like lines. over Nauman I'd the further And to our any conference remarks. phone

Michael Nauman

this comments I'd leave much. very We few to XXXX. you to concluding morning. good you start like Thank a reported fiscal a with

I forward, in industrial Brady the is very that in weakness enviable despite economy. position Looking a believe

made coming new more Over market. new last quality, increased are products we've to which high years, innovative making the several loyal now is support, We've products to and customer develop our customers. and service those investments improved

gross healthy reductions driving which aggressively continued sustainable in gains, have margins you efficiency profit our SG&A we've can been in We see expenses. and

has in sheet with combined more organization adapt this improvements balance able million, better position continue Brady really customers made a and our we that targeting react can in effective efficient or of change. strength and puts that All our net our is solid to of us cash of is to competitors. as a to the aggressively $XXX a position in These of future invest

when be even even and with an So recover, financial end will our stronger stronger that emerged position results. we in markets

team and alive. our I'm motivated keep Our to positive motivated is momentum

know sales, grow to improved decisions and expect to financial proud We we've accomplished so earnings. long-term the for grow organic of far drive results. up I us making what we're efficiencies I'm and organization to the set right today

Thank great questions, have today participating you call. you and Operator, day. may any the a please contact if you for all always, us. As have disconnect

Operator

Everyone conclude may does you have program Ladies for conference. and a you the day. participating all This in wonderful and thank disconnect. gentlemen, today's

Brady (BRC) 21 Nov 192020 Q1 Earnings call transcript