This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Beam Reports Second Quarter Results

Beam Inc. (NYSE: BEAM), a leading global premium spirits company, today reported results for the second quarter of 2013.

Net sales for the second quarter increased 7% and were up 5% on a comparable basis. Strong sales growth for the company’s global Power Brands, led by Jim Beam, drove the quarterly sales performance.

Diluted earnings per share from continuing operations were $0.46 versus $0.63 per share in the year-ago quarter. Results in the current year period were impacted by a one-time loss on the early extinguishment of debt. Excluding charges/gains, diluted EPS was $0.64, up 8% from $0.59 a year ago, benefiting from strong sales, targeted price increases, and a lower effective tax rate.

For the first half of 2013, net sales increased 8% and were up 4% on a comparable basis. Diluted EPS increased 5% in the first half, and diluted EPS before charges/gains was 15% higher than in the year-ago period.

Driving Momentum in Key Categories

“Beam delivered strong second quarter results as five of our seven Power Brands produced double-digit sales growth,” said Matt Shattock, president and chief executive officer of Beam. “Our strategy to Create Famous Brands paid off in strong demand for our flagship Jim Beam brand, which grew double digits across the US and Europe as premium innovations such as Jim Beam Honey and Devil’s Cut added to growth for the core Jim Beam white label. We gained share in Tequila on strong performance for Sauza and Hornitos, and in vodka as Pinnacle continued its double-digit growth trajectory. At the same time, our total sales growth was tempered by soft conditions in the US ready-to-serve cocktails category.” The company noted that an increase in US distributor inventories in the second quarter largely offset the adverse sales impact of factors previously identified by the company, principally the timing of Maker’s Mark sales and lower results in India.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs