US: Brown Forman Q2 profits and sales rise
Brown-Forman has posted a healthy rise in profit. The drinks company announced today (23 November) that profit climbed by 16% in the three months to 31 October, bolstered by the weak dollar and sales of Jack Daniels whiskey.
The Louisville-based company said net income for the fiscal second quarter rose to US$102.6m, or US$0.84 cents a share, from the previous year's US$88.2m, or US$0.72 cents a share.
Quarterly sales were up by 8% to US$779.7m from US$724.5m.
Brown-Forman expects to earn between US$2.38 and US$2.43 a share in fiscal 2005, which ends on 30 April. That range is narrower than the US$2.35 to US$2.43 a share range previously given in August.
The projection does not include an expected gain of US$0.36 cents to US$0.38 from the sale of its stake in whisky maker Glenmorangie.
As for the first half of the current year, net income was up by 29% to US$154.5m, or US$1.26 a share, from the prior year's US$119.4m, or US$0.98 cents a share.
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