Brown-Forman Corp. (BFA,BFB) reported that its first-quarter net income declined to $111.4 million or $0.76 per share, from $121.4 million or $0.81 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $744.9 million, up from $737.9 million in the prior year quarter. Five analysts had consensus revenue estimate of $758.39 million for the quarter.
Paul Varga, the company's chief executive officer said, "In what remains a sluggish environment, we performed within our expectations for our first quarter. Continuing our trends of the prior two quarters, we posted good underlying growth in sales and gross profit. This growth was driven by a strong net sales performance internationally."
Brown-Forman confirmed its fiscal 2011 full-year earnings outlook of $2.98 - $3.38 per share. Although current foreign exchange rate levels place expected results in the upper half of the guidance, the company remains cautious this early in the year, particularly before the important holiday period.
The company also continues to anticipate underlying operating income growth in the mid-single digits for its fiscal 2011.
Analysts expect the company to report earnings of $3.27 per share on revenues of $3.28 billion for fiscal 2011.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.