UPDATE: Brown-Forman Posts Upbeat FQ4 Earnings

Brown-Forman (NYSE:

) reported better-than-expected fiscal fourth-quarter earnings. Brown-Forman's quarterly profit surged to $132 million, or $0.62 per share, versus a year-ago profit of $113 million, or $0.52 per share. Its sales increased 3% to $893 million. However, analysts were expecting earnings of $0.58 per share on sales of $930 million. US underlying sales surged 4% in the full year, while UK underlying sales gained 8%. Turkey underlying sales jumped 32%, while Russia underlying sales surged 23% in the year. Jack Daniel's Tennessee Honey's global underlying net sales jumped 36%. Paul Varga, Brown-Forman's Chief Executive Officer, said, “We are pleased to report another fiscal year of excellent organic growth, particularly in light of the moderating growth rates of our global competitors. I believe that our leadership position in premium American whiskey, led by the one and only Jack Daniel's trademark, and a very balanced geographic contribution, underpin the company's differentiated performance. We remain optimistic about the organic growth prospects for Brown-Forman, and our investment posture and fiscal 2015 earnings outlook reflect that optimism.” For fiscal 2015, Brown-Forman projects earnings of $3.25 to $3.45 per share on sales growth of 6% to 8%. Brown-Forman shares fell 0.74% to close at $92.90 yesterday.