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Dec. 8, 2021, 7:48 a.m. EST

Jack Daniel's parent Brown-Forman stock set to fall after profit, sales miss expectations but full-year growth outlook raised

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By Tomi Kilgore

Shares of Brown-Forman Corp. /zigman2/quotes/209253695/composite BF.B +0.27% were indicated down about 1% in premarket trading Wednesday, after the spirits company, which brands include Jack Daniel's, Finlandia, El Jimador and Woodford Reserve, reported fiscal second-quarter profit and sales that missed expectations, but boosted its full-year growth outlook. Net income for the quarter to Oct. 31 slipped to $236 million, or 49 cents a share, from $240 million, or 50 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 53 cents. Sales grew 0.9% to $994 million, below the FactSet consensus of $1.05 billion. For the first half of the fiscal year, Jack Daniel's family of brands sales rose 8% from the same period a year ago, Woodford Reserve sales grew 10%, Tequila sales increased 16%, wine sales increased 9% and vodka sales rose 26%. For fiscal 2022, the company raised its sales growth guidance to a "high-single digit" percentage from "mid-single digit," while the current FactSet sales consensus of $3.75 billion implies 8.4% growth. The stock has lost 8.8% year to date through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.72% has gained 24.8%.

/zigman2/quotes/209253695/composite
US : U.S.: NYSE
$ 66.68
+0.18 +0.27%
Volume: 110,635
Jan. 27, 2022 10:35a
P/E Ratio
42.05
Dividend Yield
1.12%
Market Cap
$30.98 billion
Rev. per Employee
$771,277
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/zigman2/quotes/210599714/realtime
US : S&P US
4,381.34
+31.41 +0.72%
Volume: 683.43M
Jan. 27, 2022 10:35a
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