Early on Wednesday, alcoholic beverage maker Brown-Forman Corporation (BF-B) reported a rise in its third quarter profit and revenue, topping analysts’ expectations.
The Louisville, Kentucky-based company said that its third quarter operating income was $237 million, up from $206.2 million a year earlier. The company’s net income for the quarter was $157.6 million, up 18% from $133.1 million a year earlier.
On an adjusted basis, Brown-Forman saw third quarter earnings per share of 73 cents. According to analysts, this beat the consensus view of 70 cents per share.
Sales for the quarter rose 7% to $1.027 billion from $959.0 million a year earlier. This was in-line with the analysts’ expectation of $1.03 billion.
Furthermore, the company updated its fiscal 2013 earnings outlook. Brown-Forman now sees earnings coming in a range between $2.60 and $2.68 per share, versus the previous view of $2.58 and $2.70 per share. Analysts project BF-B to earn $2.69 per share in fiscal 2013.
Brown-Forman shares were up a fraction during morning trading on Wednesday. The stock is down -15.14% over the past twelve months.
The Bottom Line
Shares of Brown-Forman (BF-B) have a dividend yield of 1.50% based on last night’s closing price of $68.03 and the company’s annualized dividend payout of $1.02 per share.
Brown-Forman Corporation (BF-B) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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