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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 fourth-quarter fiscal 2016 results, wherein earnings of $2.60 a share was significantly ahead of the year-ago earnings of 66 cents. The Zacks Consensus Estimate stood at 73 cents.
Despite a mixed global economic outlook, the company anticipates 4%–6% growth in underlying sales in fiscal 2017, led by its American whiskey brands. Further, the company expects fiscal 2017 earnings per share in the range of $3.42–$3.62.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been unchanged in the last 30 days. However, in the trailing four quarters the company underperformed the Zacks Consensus Estimate by an average of 0.14%.
Revenues: Net sales declined 1% year over year to $933 million. However, on an underlying basis, sales grew 4%. Moreover, after deducting excise taxes, sales came in at $729 million, down 1.5% from the prior-year figure of $740 million. The Zacks Consensus Estimate was $703.3 million.
Key Events: In fiscal 2016, Brown-Forman returned $1.4 billion to shareholders, including $1,107 million in share buybacks and $266 million in dividends. Also, the Brown-Forman recently approved a two-for-one stock split for all shares of Class A and Class B common stock, to be paid in the form of a stock dividend. The execution of the stock split is dependent on the approval of an increase in the number of outstanding shares of Class A common stock at the annual meeting to be held on Jul 28, 2016.
Zacks Rank: Currently, Brown-Forman carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Check back later for our full write up on Brown-Forman’s earnings report!
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Brown-Forman (BF.B) Q4 Earnings Jump, Gives FY17 View
Brown-Forman Corporation (BF.B - Free Report) , the world’s leading producer and distributor of premium alcoholic beverages, came out with fourth-quarter fiscal 2016 results, wherein earnings of $2.60 a share was significantly ahead of the year-ago earnings of 66 cents. The Zacks Consensus Estimate stood at 73 cents.
Despite a mixed global economic outlook, the company anticipates 4%–6% growth in underlying sales in fiscal 2017, led by its American whiskey brands. Further, the company expects fiscal 2017 earnings per share in the range of $3.42–$3.62.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been unchanged in the last 30 days. However, in the trailing four quarters the company underperformed the Zacks Consensus Estimate by an average of 0.14%.
Revenues: Net sales declined 1% year over year to $933 million. However, on an underlying basis, sales grew 4%. Moreover, after deducting excise taxes, sales came in at $729 million, down 1.5% from the prior-year figure of $740 million. The Zacks Consensus Estimate was $703.3 million.
Key Events: In fiscal 2016, Brown-Forman returned $1.4 billion to shareholders, including $1,107 million in share buybacks and $266 million in dividends. Also, the Brown-Forman recently approved a two-for-one stock split for all shares of Class A and Class B common stock, to be paid in the form of a stock dividend. The execution of the stock split is dependent on the approval of an increase in the number of outstanding shares of Class A common stock at the annual meeting to be held on Jul 28, 2016.
Zacks Rank: Currently, Brown-Forman carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Check back later for our full write up on Brown-Forman’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>