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Brown-Forman Q1 Profit Rises; Cuts FY Profit View

Brown-Forman Corp. (BFA,BFB) reported that its net income for the first quarter of fiscal 2019 rose to $200 million or $0.41 per share from $178 million or $0.37 prior year in the year quarter.

Quarterly net sales increased 6% to $766 million from the same prior-year period, while it was up 9% on an underlying basis.

For fiscal year 2019, the company now expects earnings per share of $1.65 to $1.75, compared to the prior outlook of $1.75 to $1.85. The current outlook includes the net estimated change to operating income growth due primarily to tariffs, which we assume remain in place for the full fiscal year, as well as expectations for additional foreign exchange headwinds at current spot rates.

The company now projects annual underlying operating income growth of 4% to 6%, compared to the prior outlook of 7% to 9% growth.

The company still expects annual underlying net sales growth of 6% to 7%.

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