Brown-Forman (BF-B) Misses Q3 EPS by 2c

Brown-Forman (NYSE: BF-B) reported Q3 EPS of $0.39, $0.02 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $878 million versus the consensus estimate of $870.15 million.

Revised Fiscal Year 2018 Outlook

The global economy has improved modestly over the last year, but emerging markets remain volatile, and the competitive landscape has intensified in the developed world, making it difficult to accurately predict future results. Assuming current trends continue, the company anticipates:

1. Underlying net sales growth of 6% to 7%.
2. A modest increase in underlying SG&A driven in part by compensation related expenses, and underlying A&P growth roughly in line with underlying net sales growth.
3. Underlying operating income growth of 8% to 9%.
4. Diluted earnings per share of $1.43 to $1.48, which now includes $0.03 of expense from tax reform, $0.10 of expense from the establishment of a foundation, and $0.03 of foreign exchange benefit.

(Street sees FY EPS of $1.59 on revenue of $3.24 billion)

For earnings history and earnings-related data on Brown-Forman (BF-B) click here.

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