Brown-Forman Corporation (BF.B - Free Report) , the world’s leading producer and distributor of premium alcoholic beverages, came out with third-quarter fiscal 2017 results, wherein earnings of 47 cents a share missed the Zacks Consensus Estimate by a penny, while it increased 1% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been unchanged in the last 30 days. In the trailing four quarters, excluding quarter under review, the company surpassed the Zacks Consensus Estimate by an average of 2.8%.
Revenues: Net sales remained nearly flat at $808 million, after deducting excise taxes. However, on an underlying basis (excluding negative currency impact and other adjustments), sales grew 4%. The company’s sales, before accounting for excise taxes, came in at $1,059 million, down 2% from the prior-year figure of $1,083 million. The Zacks Consensus Estimate was pegged at $796.1 million.
Key Events: The company repurchased 11.8 million shares worth $561 million during the first nine months of fiscal 2017, leaving shares worth $330 million remaining under its buyback authorization, as of Jan 31. Further, the company declared a quarterly cash dividend of 18.25 cents per share, which is payable on Apr 3, 2017 to shareholders of record as on Mar 6.
Outlook: For fiscal 2017, management now expects a 3%-4% increase in underlying sales, compared with 4%-5% growth projected earlier. Further, underlying operating income is now anticipated to increase in a range of 5%-7%, down from the old forecast of 6%–8%.
Based on the aforementioned estimates and a $0.06 negative influence from foreign currency headwinds, the company now projects fiscal 2017 earnings in the range of $1.71–$1.76 per share, compared with $1.71–$1.81 per share envisioned earlier.
Zacks Rank: Currently, Brown-Forman carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Brown-Forman’s earnings report!
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Brown-Forman Corporation (BF.B - Free Report) , the world’s leading producer and distributor of premium alcoholic beverages, came out with third-quarter fiscal 2017 results, wherein earnings of 47 cents a share missed the Zacks Consensus Estimate by a penny, while it increased 1% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been unchanged in the last 30 days. In the trailing four quarters, excluding quarter under review, the company surpassed the Zacks Consensus Estimate by an average of 2.8%.
Revenues: Net sales remained nearly flat at $808 million, after deducting excise taxes. However, on an underlying basis (excluding negative currency impact and other adjustments), sales grew 4%. The company’s sales, before accounting for excise taxes, came in at $1,059 million, down 2% from the prior-year figure of $1,083 million. The Zacks Consensus Estimate was pegged at $796.1 million.
Key Events: The company repurchased 11.8 million shares worth $561 million during the first nine months of fiscal 2017, leaving shares worth $330 million remaining under its buyback authorization, as of Jan 31. Further, the company declared a quarterly cash dividend of 18.25 cents per share, which is payable on Apr 3, 2017 to shareholders of record as on Mar 6.
Outlook: For fiscal 2017, management now expects a 3%-4% increase in underlying sales, compared with 4%-5% growth projected earlier. Further, underlying operating income is now anticipated to increase in a range of 5%-7%, down from the old forecast of 6%–8%.
Based on the aforementioned estimates and a $0.06 negative influence from foreign currency headwinds, the company now projects fiscal 2017 earnings in the range of $1.71–$1.76 per share, compared with $1.71–$1.81 per share envisioned earlier.
Zacks Rank: Currently, Brown-Forman carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Brown-Forman’s earnings report!
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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