US: Fortune Brands reaffirms FY earnings target

By | 16 September 2009

Fortune Brands, the owner of Beam Global Spirits & Wine, has said it is on-track to meet full-year earnings target.

Earnings per share before charges for the 12 months of 2009 will be in the range of US$2 to $2.3, as previously predicted, Fortune said ahead of an address to the JP Morgan Diversified Industries Conference later today (16 Septemeber).

"Our third quarter order patterns are tracking to our expectations and we're continuing to gain share in key product categories," said Fortune chairman and CEO Bruce Carbonari.

The company, which owns Courvoisier Cognac, Jim Beam Bourbon and Laphroaig Scotch whisky, also reaffirmed its expectation to generate free cash flow for 2009 in the range of $400m after dividends and net capital expenditures.

Fortune will report its third quarter results on 23 October.

Beam Global sales fell 3% to $1.08bn in the first half of 2009, compared to the same period last year, but Fortune's poor poerforming golf and home businesses dragged group sales down by 18.5% for the six months.

An update, following the company's webcast, will appear here later.

 

Sectors: Spirits, Wine

Companies: Fortune Brands, Beam Global

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