UPDATE: Brown-Forman Q4 Net Income Down 37%
Brown-Forman Corp (NYSE: BF-B) reported a 37% drop in its fourth-quarter net income.
Brown-Forman's quarterly earnings fell to $104.5 million, or $0.73 per share, versus $165.4 million, or $1.13 per share, in the year-ago period. However, analysts were expecting earnings of $0.76 per share.
Its revenue rose 1% to $801.3 million from $791.3 million, versus analysts' estimates of $769.6 million.
For fiscal 2013, Brown-Forman expects earnings of $3.60 to $4 per share. However, analysts were expecting earnings of $3.97 per share.
Brown-Forman shares closed at $84.74 yesterday.
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