US: Strong Q2 boosts half-year for Brown-Forman
Brown-Forman will be more upbeat after its Q2 than it was three months ago
Brown-Forman has professed itself “pleased” with its second-quarter performance, and has upped its full-year guidance.
The US-based wine and spirits company, which posted an 8% dip in net profits for its first fiscal quarter in September, said earlier today (9 December) that net profits in the three months to the end of October were up by 5% year-on-year to US$154m. Sales in the period inched up by 1% to $905.7m, while operating profits rose by 4% to $235m.
The strong performance helped to offset the the tough first quarter. For the first six months of its fiscal year, Brown-Forman's net profits are down by 1% at $265.4m, with sales 1% up at $1.65bn. Operating profits in the six-month period are 2% lower than a year earlier, at $407.7m.
“We are pleased with the continued growth of the company through the first half of the fiscal year,” said company CEO, Paul Varga, “particularly the growth in underlying gross profit attributable to our international growth. Based on our first half success, we have more confidence in our outlook for the remainder of the year and reflected that in our guidance.”
The company followed the results by raising its fiscal 2011 full-year earnings outlook to a range of $3.18 to $3.42 per share, an increase on the previous forecast of between $2.98 and $3.38.
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