Tuesday, March 8, 2011

Ethanol: Brown Forman Reports 32% Increase in Earnings Per Share for Its Fiscal 2011 Third Quarter; Raises Guidance for Fiscal 2011 (BF.A)


It appears that the Jack Daniels boycott* organized by Modern Drunkard magazine is not affecting BF.
From the press release:
On net sales of $962 million, Brown-Forman (NYSE:BFB) (NYSE:BFA) grew diluted earnings per share 32% to $0.96 and reported operating income 30% to $226 million for its third quarter ended January 31, 2011. For the first nine months of the fiscal year, diluted earnings per share increased 10% to $2.77 while reported operating income grew 7% to $633 million, on net sales of $2.6 billion. Underlying1 operating income grew 11% in the third quarter and increased 4% for the first nine months of fiscal 2011. The company raised its fiscal 2011 earnings per share guidance range to $3.35 to $3.45, excluding a projected $0.20 to $0.30 gain on the sale of Fetzer Vineyards.

Paul Varga, the company’s chief executive officer stated, “We continue to be pleased with our broad-based growth encompassing both developed and emerging international markets. Led by strong performances of the Jack Daniel’s Family of Brands and el Jimador, our third quarter results showed an acceleration of growth over the first half. We also were encouraged by the improving top line results in the United States. Based on our strong third quarter, and better than anticipated first nine months, we have raised our full year guidance.”...MORE 

*"It has been knifed in the back by the greedy corporate clowns at Brown-Forman, the conglomerate that bought the Jack Daniel distillery in 1956. Mr. Daniel’s once excellent whiskey began life as a 90 proof liquor, but about 17 years ago the proof was lowered to 86. Now it has been lowered again, to a timid 80 proof. America’s best bourbon is now a ghost. 

The decision makers at Brown-Forman have not only rendered Jack’s whiskey less palatable, they have also managed to defile an important part of our national heritage...".MUCH MORE