Brown-Forman Posts In-Line Q4 Earnings, Sales Top Views

Brown-Forman Corporation BF reported in-line earnings for the fiscal fourth quarter. However, the company's sales exceeded analysts' estimates. For FY16, Brown-Forman now projects earnings of $3.40 to $3.60 per share, versus analysts' estimates of $3.46 per share. The Louisville, Kentucky-based company reported a quarterly profit of $140 million, or $0.66 per share, versus a year-ago profit of $132 million, or $0.62 per share. Its quarterly revenue rose 6 percent to $947 million, while underlying sales jumped 10 percent. Analysts were estimating earnings of $0.66 per share on revenue of $918.5 million. Its operating income climbed 23 percent to $232 million. Underlying sales at the Jack Daniel's family of brands climbed 8 percent during the fiscal 2015, while underlying net sales at Jack Daniel's Tennessee Honey jumped 28 percent. Underlying net sales at Brown-Forman's super/ultra-premium whiskey brands increased 16 percent in the year. In the emerging markets, underlying net sales climbed 9 percent, while underlying sales in developed markets outside of the United States rose 4 percent during the year. As of April 30, 2015, the company had total debt of $1,188 million. Paul Varga, the company's chief executive officer, said, "Fiscal 2015 was another superb year of comprehensive progress for Brown-Forman. Foreign exchange impact aside, our business performed exceptionally well, and once again delivered underlying growth in net sales and operating income that compares quite favorably to our industry." Varga added, "We expect our strong underlying performance to continue in Fiscal 2016 as a result of our excellent geographic diversification and our strong portfolio focus led by Jack Daniel's and our premium American whiskeys." Brown-Forman shares closed at $94.35 yesterday.