Jack Daniel's maker Brown-Forman (BF.B) on Wednesday reported fiscal first-quarter results that beat analysts' forecasts, even as the spirits producer continued to struggle with tariffs and timing of customer orders.
The Louisville, Kentucky-based company, which also produces and distributes Pepe Lopez tequila, Chambord liqueur and Sonoma-Cutrer wines, posted net income of $186 million, or 39 cents a share, vs. $200 million, or 41 cents a share, in the comparable year-ago quarter.
Analysts polled by FactSet had been expecting earnings of 37 cents a share. Sales came in at $766 million, flat compared with the same prior-year period and below analysts' forecasts of $773.4 million.
"Our first-quarter results came in largely as anticipated considering the year-over-year drag from tariffs and timing of customer orders," CEO Lawson Whiting said in a statement, noting the company expects a results boost from its Jack Daniel's offerings.
Brown-Forman will be rolling Jack Daniel's Tennessee Apple starting in October.
Despite warning of uncertainty over the global economic and geopolitical environment as well as the competitive landscape, the company reaffirmed its prior full-year fiscal 2020 guidance of net sales growth of between 5% and 7% and per-share earnings of between $1.75 and $1.85.
Class B shares of Brown-Forman were down 1.17% at $58.30 in early trading on Wednesday.
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