Brown-Forman (BF.B) Reports Higher-Than-Expected Q3 Profit But Economic Concerns Remain
By Benzinga Staff
March 10, 2010 3:57 PM
March 10, 2010 3:57 PM
Brown-Forman Corp. (NYSE: BF.B) reported a fall in Q3 net income to $107.9 million (73 cents per share) from $123.4 million (81 cents per share), a year earlier.
Adjusted net income of 80 cents was higher than the analysts’ average of 70 cents. Net sales rose nearly 10% to $861.7 million.
The company forecasts full year earnings of $3.05 to $3.15 per share versus analysts’ estimate of $3.08. The wine and spirits maker expressed concerns that the weak economy would affect alcohol consumption, especially at restaurants and bars.
Consumers have also become more price-conscious when shopping for liquor.
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