US: Bourbon surprise lifts Beam Inc FY numbers
- FY like-for-like net profits rise by 15.3% to US$385.6m
- Net sales in 2012 up by 6.7% to $2.47bn
- Operating profits leap by 45.6%, hitting US$575.9m
- Jim Beam, Maker's Mark each deliver double-digit sales growth
Beam Inc released its first set of full-year results today
Beam Inc has hailed "better-than-anticipated" Bourbon sales for driving its first full year as a "pure-play" spirits company.
Net profits in the 12 months to the end of December increased by 15.6% to US$385.6m, the US company said today (1 February). Net sales climbed by 6.7% to $2.47bn over the same period while operating profits were up by 45.6% to $575.9m.
Beam CEO Matt Shattock said that growth in Bourbon sales helped the company to its “excellent results” and highlighted Beam's Pinnacle vodka acquisition as an another driver.
He also said premium innovations had “improved product mix, as well as higher pricing in select categories”.
Fourth-quarter numbers were equally strong. Net profits increased by 39% to $126.8m in the three months to the end of December and net sales increased by 11.2% to $709.1m. Operating profits rose by 15.1% to $156.7m.
The Jim Beam brand posted a 10% rise in net sales the year, with Pinnacle enjoying a 19% jump. Skinnygirl labels also showed good comparable sales growth with 19%. All of Beam's core “Power Brands” had positive comparable sales growth.
Looking ahead, Shattock said he expects Beam's global spirits market to grow value by 3% despite expected increases in raw material costs. “We feel good about our prospects for continued outperformance in 2013,” he said.
To read the company's official statement, click here.
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