Alcoholic beverage maker Brown-Forman Corp. (BFA, BFB) posted 37% lower fourth-quarter net income of $104.5 million or $0.73 per share, compared with the prior year's $165.4 million or $1.13 per share. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.76 for the quarter. Analysts' estimates typically exclude one-time items.
As anticipated, reported year-on-year comparisons were negatively impacted by the absence of the gain on sale and associated profits from the Hopland-based wine business2, as well as foreign exchange for a combined net impact of about $0.36 per share, the company said.
However, net sales for the fourth quarter were $801.3 million, up 1% from $791.3 million a year earlier, with an underlying growth of 10%. Analysts estimated revenues of $804.94 million for the quarter.
Looking ahead to fiscal 2013, the company expects a continuation of fiscal 2012's strong underlying trends, with net sales and operating income growth in the high single digits, and earnings per share of $3.60 - $4.00, including an anticipated negative impact from foreign exchange of $0.11 per share. Eleven analysts project earnings of $3.98 per share for the full year.
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