Brown-Forman Records Revenue Beat, In-Line EPS In Q4

  • Brown-Forman Corp BF BF-B)) reported Q4 FY23 sales growth of 5% Y/Y (+4% Y/Y on an organic basis) to $1.05 billion, beating the analyst consensus of $990.29 million. 

    EPS of $0.43, up 36% Y/Y, came in line with the analyst consensus.

    The gross profit grew 2% Y/Y to $635 million, and the operating income increased 21% Y/Y (+3% Y/Y on an organic basis) to $298 million.

    The company held $374 million in cash and equivalents as of April 30, 2023.

    Brown-Forman returned around $378 million through dividends to shareholders in FY23.

    FY24 Outlook: Brown-Forman expects organic net sales growth of 5% to 7%, reflecting the strength in brand portfolio, pricing strategy and demand.

    It projects organic operating income growth in the 6% to 8% range. The company expects continued input cost pressures, partially negated by lower supply chain disruption costs.

    Brown-Forman expects capital expenditures of $250 million to $270 million.

    “In fiscal 2023, Brown‑Forman continued its tradition of delivering strong organic top and bottom line growth. We were able to build on last year's double-digit organic net sales growth by continuing the premiumization of our portfolio, investing boldly in our brands, building new strategic relationships, developing and supporting our talented people, and honoring our values. As we turn our focus to fiscal 2024, I believe we can grow on this elevated foundation and continue to deliver Nothing Better in the Market,” said Lawson Whiting, President and CEO. 

    Price Action: BF-A shares are trading higher by 3.55% at $65.77 on the last check Wednesday.

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