Brown-Forman (BF-A) Reports Q3 EPS of $0.54

Brown-Forman (NYSE: BF-A) reported Q3 EPS of $0.54, versus $0.46 reported last year. Revenue for the quarter came in at $1.04 million, versus $911 million reported last year.

Fiscal Year 2022 Outlook:

The fiscal 2022 outlook is presented on an “organic” basis, therefore, it is not directly comparable to the previously presented outlook.

The current global economic and geopolitical uncertainties continue to create a challenging operating environment. Amid these uncertainties, we are optimistic in our ability to deliver strong full year results.

The outlook is as follows:

With our strong year-to-date performance and consumer demand along with supply chain constraints continuing to ease enabling some rebuild of inventory, we expect organic net sales growth of 11% to 13% for the full year.

We project the costs associated with supply chain disruptions and inflationary cost headwinds will continue to have a negative impact on our gross margin, largely offset by a modest positive impact from the removal of tariffs in the EU. Therefore, we continue to expect reported gross margin to be flat or slightly down for the full year compared to fiscal 2021.

We expect our organic operating expenses, which include advertising and SG&A, to increase in the 7% to 9% range. We anticipate organic advertising expense to be slightly below our organic net sales growth.

Based on the above expectations, we anticipate organic income growth of 12% to 16% for the full year.

We continue to expect our fiscal 2022 effective tax rate to be in the range of approximately 22% to 23%.

For earnings history and earnings-related data on Brown-Forman (BF-A) click here.

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