Brown-Forman Corporation (NYSE:BF.B) reported quarterly earnings data that missed the mark Tuesday.
The beverage provider for its fiscal third quarter that came in at 47 cents per share
, a 1% rise compared to the year-ago period. However, the figure was under the 48 cents per share on an adjusted basis that analysts were expecting.
Meanwhile, revenue came in at $808 million, which was almost flat compared to the third quarter of the previous fiscal year. Net sales excluding negative currency impact and other adjustments grew 4%, while company sales before accounting for excise taxes were $1.06 billion, behind the $1.08 billion from the previous year.
The Zacks consensus estimate for this figure tallied up to $796.1 million. This positive aspect of Brown-Forman’s financial report came from the fact that Jack Daniel’s-branded products continued to rise in popularity, including double-digit sales growth for its Woodford Reserve and Old Forester.
The company’s gross profit fell 3% to $536 million. Brown-Forman also unveiled fiscal 2017 figures that will come in below projections.
Underlying operating income will rise by 5% to 7%, which is lower than its previous guidance of 6% to 8%. Earnings predictions are also lower as they were at $1.71 per share to $1.81 per share, but the company has adjusted this figure to a weaker $1.71 to $1.76 per share.
BF.B shares fell about 2.4% Tuesday afternoon.
