UPDATE: Brown-Forman Posts Rise In FQ3 Profit, Lifts Forecast - Brown Forman Inc Class B Common Stock (NYSE:BF/B)

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Brown-Forman (NYSE: BF-B) reported a 12% gain in its fiscal third-quarter profit and lifted its forecast for the year. Brown-Forman now expects full-year earnings of $2.95 to $3.05 per share, versus its earlier forecast of $2.80 to $3 per share. Brown-Forman's quarterly profit surged to $177 million, or $0.82 per share, versus a year-ago profit of $157 million, or $0.73 per share. Its net sales climbed 5% to $1.08 billion. However, analysts were projecting earnings of $0.75 per share on sales of $1.07 billion.Brown-Forman shares closed at $84.01 yesterday.

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