US: Beam Inc hails "strong start" to 2012 as profits jump in Q1
- Q1 like-for-like net profits increase by 27% to US$78.4m
- Comparable net sales in three months to end of March climb by 13% to $533.8m
- Operating profits rise by 17.1% to $131.1m
- Maintains FY target of high-single-digit growth in diluted EPS
Beam Inc reported its Q1 results today
Beam Inc has posted a good start to the year, with sales and profits performing strongly in the first three months of 2011.
The US-based company, which became the sole part of Fortune Brands when the company spun off its other units last year, said earlier today (3 May) that net profits in the three months to the end of March leapt by 27% to US$78.4m. Comparable sales for the spirits unit were up by 13% to $533.8m.
Operating profits rose by 17.1% to $131.1m.
The company credited growth from its Bourbon brands and shipments of newly-introduced products for driving its performance in the quarter.
“The first quarter was a little better than we anticipated as we benefited from strong demand and excellent initial sell-in for new product launches that are front-loaded in 2012,” said president & CEO, Matt Shattock. “Our organic growth strategy is proving highly effective. Our comparable net sales growth was broad-based across our three regions, and emerging markets delivered strong double-digit gains.”
Comparable net sales were up 12% in North America and in Europe/Middle East/Africa (EMEA), and up 16% in Asia Pacific/South America (APSA).
Turning to the full year, Shattock reiterated the earnings target set in March, with high-single-digit growth in diluted EPS expected in 2012.
For the company's official announcement, click here.
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