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Beam Reports Second Quarter Results

“As we execute our successful growth strategy, we’re encouraged by several dynamics that benefited Beam in the quarter, including the strong sell-in for our innovations, impactful brand activation in markets around the world, and strong worldwide demand for Bourbon. The Pinnacle Vodka acquisition is also off to a good start.”

Financial Highlights for the Second Quarter and Year to Date:
  • Income from continuing operations was $101.3 million for the second quarter, or $0.63 per diluted share, compared to $62.4 million, or $0.40 per share, for the second quarter of 2011.
    • For the first half, income from continuing operations was $179.7 million, or $1.12 per diluted share, up 42% from $0.79 in 2011.
  • Excluding charges and gains, diluted EPS from continuing operations was $0.58 for the second quarter, up 16% from $0.50 in the year-ago quarter.
    • Diluted EPS before charges/gains was $1.11 for the first half, up 23% from $0.90.
  • Reported net sales for the second quarter were $595.5 million (excluding excise taxes), up 4%.
    • Reported net sales increased 3% for the first half of 2012.
  • On a comparable basis, which adjusts for foreign exchange and acquisitions/divestitures, net sales were up 5% for the second quarter and up 8% for the first half.
    • Comparable net sales by region: North America +8% in Q2 and +10% YTD; Europe/Middle East/Africa (EMEA) +1% in Q2 and +5% YTD; Asia Pacific/South America (APSA) down 1% in Q2 and +7% YTD.
  • Operating income for the second quarter was $125.7 million, up 5%.
    • Operating income for the first half increased 11%.
  • Operating income before charges/gains for the quarter was $151.6 million, up 9%.
    • For the first half of 2012, operating income before charges/gains increased 13%.
  • Return on invested capital before charges/gains (rolling 12 months) was 7% and was 23% excluding intangibles.

Raising 2012 Earnings Target While Accelerating Investment in Long-Term Growth

“Beam enters the back half of 2012 with confidence,” Shattock continued. “While we’ll face some tough comparisons, we expect the underlying strength of our core business, augmented by our acquisitions, will deliver continued marketplace outperformance. As a result, we’re raising our 2012 earnings target. We’re now targeting diluted earnings per share before charges/gains to grow at a low-double-digit rate, up from our previous target range of high-single digits.

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