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Brown-Forman Q4 Profit Down - Quick Facts

Brown-Forman Corp. (BFA,BFB) reported that its net income for the fourth quarter ended April 30, 2018 decreased 23 percent to $110 million from $144 million in the previous year.

In the quarter, reported operating income declined 32% to $145 million (-4% on an underlying basis) and earnings per share of $0.23 declined 24%. Fourth quarter reported operating income and earnings per share were both negatively impacted by the previously announced creation of a $70 million charitable foundation, as well as the phasing of operating expenses.

Quarterly net sales increased 6% to $733 million compared to the same prior-year period. Net sales were up 5% on an underlying basis.

For fiscal year 2019, the company expects earnings per share of $1.75 to $1.85 incorporates a tax rate of 21% as well as approximately five cents of negative impact from higher interest expense, foreign exchange and anticipated changes in net inventories.

The company projects underlying net sales growth of 6% to 7%, underlying operating income growth of 7% to 9% for fiscal year 2019.

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