Jack Daniel’s leads Brown-Forman results higher
LOUISVILLE, Ky. (AP) – Spirits maker Brown-Forman Corp. says its fourth-quarter net income rose 17 percent to cap a strong year led by its flagship Jack Daniel’s brand.
The company said Wednesday that net sales for the entire Jack Daniel’s brand increased 8 percent for the year, excluding currency swings. It says the strong full-year performance was backed by 9 percent growth in underlying net sales in emerging markets.
For the three months ended April 30, the company reported net income of $132 million, or 62 cents per share. That’s up from $113 million, or 52 cents per share, a year ago. Quarterly net sales rose 3 percent to $893 million.
Analysts expected earnings of 58 cents per share on revenue of almost $930 million for the quarter.
Looking ahead, the Louisville, Kentucky-based company predicts earnings per share to range from $3.25 to $3.45 in the next fiscal year. Analysts expected $3.31 per share.
