Shares of Brown-Forman Corp. sank 4.4% toward a seven-week low in premarket trading Wednesday, after the spirits company, and parent of Jack Daniel’s brand...
Shares of Brown-Forman Corp. BF.B, +0.83% sank 4.4% toward a seven-week low in premarket trading Wednesday, after the spirits company, and parent of Jack Daniel’s brand whiskey, reported fiscal first-quarter profit that surprisingly fell and sales that came up a bit shy, but maintained its full-year outlook.
Net income for the quarter to July 31 fell to $231 million, or 48 cents a share, from $249 million, or 52 cents a share, while the FactSet consensus was for earnings per share to rise to 53 cents. Sales grew 3.1% to $1.038 billion to miss the FactSet consensus of $1.053 billion. Whiskey sales fell 1%, while tequila sales jumped 15% and the ready-to-drink category continued to grow, with New Mix sales surging 52%.
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