Alcoholic Beverage manufacturer Brown-Forman Corp. (BF-B, BF-A) posted higher fourth-quarter net income of $113 million, or $0.52 per share, compared with $105 million, or $0.49 per share, last year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.46 for the quarter. Analysts' estimates typically exclude one-time items. The company said the recent quarter's per share earnings included about $0.07 cents of benefits due to the timing of shipments and discrete tax items.
For the quarter, reported net sales advanced 8% to $866 million, from the prior year's $801 million, and up by 7% on an underlying basis, with reported operating income rising 18% to $177 million, and up 15% on an underlying basis. Analysts estimated revenues of $861.73 million for the quarter.
Owing to continued global interest in North American whiskey and favorable trends in premiumization, the firm remains cautiously optimistic that Brown-Forman's strong and balanced organic growth would continue in fiscal 2014.
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by RTT Staff Writer
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