Shares of Jack Daniel’s parent Brown-Forman Corp.
dropped 2.4% in premarket trading Wednesday after the spirits seller reported a fiscal fourth-quarter profit that fell short of expectations, while revenue beat forecasts. Net income for the quarter to April 30 fell to $120 million, or 25 cents a share, from $128 million, or 27 cents a share, in the year-ago period. The FactSet consensus was for net earnings per share of 31 cents. Sales rose 14% to $812 million, above the FactSet consensus of $774 million. Gross profit as a percentage of sales fell to 61.3% from 63.9%. For fiscal 2021, Jack Daniel’s family of brands sales rose 3% from a year ago, Tequila sales increased 9% and wine sales grew 10%, while vodka sales dropped 18%. American whiskey sales rose 3% and premium bourbons sales jumped 19%. The stock has ticked up 0.3% year to date through Tuesday, while the S&P 500
has gained 12.5%.
This is not a CAPTIS article. Originally, it was published here.