US: Brown-Forman Q3 pulls up fiscal 2010-2011
- Year-so-far net and operating profits up by 30%
- US market showing signs of improvement
- Full-year forecast range raised
Brown-Forman has posted a strong set of figures for its Q3
Brown-Forman has toasted a healthy third-quarter performance for driving its year-so-far numbers.
The US-based company, which last week announced the sale of its Fetzer Vineyards operations to Vina Concha y Toro, said today (8 March) that net profits in the three months to the end of January leapt by 30% year-on-year, coming in at US$140.7m. Operating profits were also up by 30%, to $225.5m as sales rose by 12% to $962.4m.
For the first nine months of the current fiscal year, net profits are up by 8% to $406.1m, with operating profits increasing by 7% to $633.1m. Sales, meanwhile, have posted a 5% rise to $2.61bn.
Brown-Forman credited its year-to-date numbers to “strong performances” in Australia, the UK, Mexico, Turkey, Germany, France, and Brazil, which helped offset “soft performances” in the US and Russia, the latter suffering disruption due to a route-to-market change earlier in the fiscal year. The company also noted that it is seeing “signs of improvement” in the US.
“We continue to be pleased with our broad-based growth encompassing both developed and emerging international markets,” said Brown-Forman's CEO, Paul Varga. “Led by strong performances of the Jack Daniel’s family of brands and el Jimador (Tequila), our third quarter results showed an acceleration of growth over the first half.”
Looking to its full fiscal year, Brown-Forman today raised its earnings outlook to a range of between $3.35 to $3.45 per share, an increase on the $3.18 to $3.42 bracket forecast late last year. The new estimate excludes the estimated gain of $0.20 to $0.30 per share on the sale of Fetzer Vineyards.
To read the official release, click here.
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