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Brown-Forman reports double-digit net sales growth in second quarter

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BROWN-FORMAN

FILE/ASSOCIATED PRESS
Sales of its flagship Jack Daniel's brand and other premium whiskys helped liquor producer Brown-Forman increase its second-quarter net income by 19 percent.

Sales of its flagship Jack Daniel’s brand and other premium whiskeys helped liquor producer Brown-Forman increase its second-quarter net income by 19 percent.

The company reported double-digit net sales growth in the quarter for its pricier super-premium whiskey brands such as Jack Daniel’s Single Barrel, Gentleman Jack and Woodford Reserve bourbon. Its Old Forester brand also had strong quarterly sales growth.

Overall, the company reported net income of $206 million, or 96 cents per share, in the quarter that ended Oct. 31. That’s up from $173 million, or 80 cents per share, the year before. Quarterly net sales rose 6 percent to $1.08 billion.

Analysts surveyed by FactSet expected earnings of 91 cents per share on net sales of $1.11 billion.

THE STOCK

Brown Forman Corp. (BF-B)

Wednesday’s close:

$74.94 ▲ $0.44, or 0.59%

52-week range $61-$76

Annual dividend $1.16

Dividend yield 1.6%

Price-earnings ratio * 26

Total return YTD

1-year 8%

3-year ** 16%

5-year ** 20%

10-year ** 12%

Note: Total returns through Wednesday

* Trailing 12 months; ** Annualized

Source: FactSet, Associated Press


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