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What you need to know
- Jack Daniel's whiskey owner Brown-Forman was the S&P 500’s best-performing company Thursday.
- Alcohol maker reports fiscal second quarter revenue of $1.1 billion. This is down by 1% from the previous year but still above analyst expectations.
- Jack Daniel Tennessee Whiskey’s sales fell 1% from one year to the next. Overall, whisky sales fell by 3%.
Jack Daniel’s whiskey owner Brown-Forman (BF.A) was the S&P 500’s best-performing company Thursday following stronger-than-expected results and a call that the company will return to growth this fiscal year.
VisibleAlpha reported that the company’s second-quarter fiscal revenue was $1.11billion, which is down 1% compared to last year but higher than analyst consensus. In the first quarter of this year, net income was $242 millions, or 50c per share. That’s up from $258 million, 55c per share in the previous period, and it exceeded Street expectations.
Jack Daniel Tennessee Whiskey’s sales fell 1% from one year to the next. Overall, whisky sales fell by 3%.
Lawson Whiting, CEO of Lawson Whiting Inc. said that the company is anticipating a “return to growth” Fiscal 2025 runs from April to March. Brown-Forman’s guidance for organic sales growth was maintained at 2%-4%. This is due in part to gains made in the international markets.
Brown-Forman’s shares jumped over 10% Thursday. However, they will be down around 20% by 2024.
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