Brown-Forman's stock took a beating Wednesday after the parent of the Jack Daniel's whiskey brand reported a surprise drop in quarterly profit.
Shares of Brown-Forman Corp. took a beating Wednesday after the spirits company, which is the parent of the Jack Daniel’s whiskey brand, reported a surprise drop in fiscal first-quarter profit and sales that came up a bit shy.
Meanwhile, the company reiterated its full-year guidance range for organic sales growth, with Whiting saying the first-quarter headwinds were expected to moderate. Net income for the quarter ending July 31 fell to $231 million, or 48 cents a share, from $249 million, or 52 cents a share, in the same period a year ago, while the FactSet consensus was for earnings per share to rise to 53 cents.Reported sales for whiskey products fell 1%, led by declines in Woodford Reserve and Gentleman Jack sales amid a net decrease in distributor inventories. Sales of Jack Daniel’s Tennessee Whiskey were flat.
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