Brown-Forman misses by $0.03, beats on revs; guides FY18 EPS in-line
- Reports Q4 (Apr) earnings of $0.37 per share, $0.03 worse than the Capital IQ Consensus of $0.40; revenues fell 4.9% year/year to $887 mln vs the $738.16 mln Capital IQ Consensus.
- Co issues guidance for FY18, sees EPS of $1.80-1.90 vs. $1.87 Capital IQ Consensus Estimate; sees FY18 revs of +4-5% to ~$4.011-4.050 bln, may not be comparable to $3.17 bln Capital IQ Consensus Estimate.
- Underlying net sales increased 3%, and improved from 2% in the first half to 4% in the second half: Developed markets grew underlying net sales 4% (-3% reported) and emerging markets also grew 4% (-7% reported) as second half trends in these markets improved to 8% (-1% reported)
- Guidance Details: Underlying net sales growth of 4% to 5%, led by the Jack Daniel's family of brands, our premium bourbon and tequila brands, and helped by new products such as the launch of Jack Daniel's Tennessee Rye and Slane Irish Whiskey, as well as seeding of our single malt scotch brands. Underlying operating income growth of 6% to 8%.