WASHINGTON (dpa-AFX) - (Adds Outlook)
Brown-Forman Corp. (BFB) announced a profit for its second quarter that increased from last year but missed the Street estimates.
The company's earnings came in at $242 million, or $0.50 per share. This compares with $227 million, or $0.47 per share, in last year's second quarter.
Analysts on average had expected the company to earn $0.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 1.8% to $1.11 billion from $1.09 billion last year.
Outlook:
Looking ahead, for the full year, citing current macro-economic conditions, the company has revised down its outlook. Brown-Forman now expects organic net sales growth of 3 percent to 5 percent against its previous guidance of 5 percent to 7 percent. Organic operating income growth now projected to be in the range of 4 percent to 6 percent against earlier outlook of 6 percent to 8 percent.
Brown-Forman Corp. Q2 earnings at a glance (GAAP) :
-Earnings (Q2): $242 Mln. vs. $227 Mln. last year. -EPS (Q2): $0.50 vs. $0.47 last year. -Analyst Estimate: $0.51 -Revenue (Q2): $1.11 Bln vs. $1.09 Bln last year.
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