Beam BEAM posted a 27% drop in its second-quarter earnings.
Beam's quarterly profit fell to $74.3 million, or $0.46 per share, from $101.1 million, or $0.62 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations surged to $0.64 per share from $0.59 per share.
Its net sales rose 6.8% to $637.6 million. However, analysts were expecting earnings of $0.60 per share on revenue of $629 million.
Beam's gross margin improved to 58.7% from 58.2%.
Beam's shares closed at $64.43 yesterday.
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