Brown-Forman Corporation (BF.B - Free Report) , the world’s leading producer and distributor of premium alcoholic beverages, came out with first-quarter fiscal 2018 results, wherein earnings of 46 cents surged 27% year over year and came ahead of the Zacks Consensus Estimate of 39 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has been unchanged in the last 30 days. In the trailing four quarters, excluding quarter under review, the company fell short of the Zacks Consensus Estimate by an average of 2.5%.
Revenues: Net sales advanced 9% to $723 million, after deducting excise taxes. However, on an underlying basis, sales grew 6%. The company’s sales, before accounting for excise taxes, came in at $929 million, up 8% from the prior-year figure of $856 million. The Zacks Consensus Estimate was pegged at $685 million.
Key Events: On Jul 27, the company declared a quarterly cash dividend of 18.25 cents per share, which is payable on Oct 2, 2017 to shareholders of record as on Sep 7.
Outlook: For fiscal 2018, management still expects a 4%-5% increase in underlying sales. Further, underlying operating income is anticipated to increase in a range of 6%-8%. However, based on a tax rate of approximately 28% and slightly positive influence from foreign currency, the company now projects fiscal 2018 earnings in the range of $1.85-$1.95 per share. This fares better than the previous guidance of $1.80–$1.90.
Stock Movement: Brown-Forman’s shares are up nearly 1.5% during pre-market trading hours following the earnings release.
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!
4 Surprising Tech Stocks to Keep an Eye On
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really take off.
See Stocks Now>>