Brown-Forman misses by $0.01, misses on revs (60.23)
- Reports Q2 (Oct) earnings of $0.50 per share, $0.01 worse than the FactSet Consensus of $0.51; revenues rose 1.2% year/year to $1.11 bln vs the $1.15 bln FactSet Consensus.
- Fiscal 2024 Outlook
- While co remains optimistic about prospects for growth of organic net sales and organic operating income in fiscal 2024, evolving global macroeconomic conditions continue to create a challenging operating environment tempering expectations. Accordingly, co now expects the following in fiscal 2024:
- Organic net sales growth in the 3% to 5% range as co maintains belief that the strength of our portfolio of brands and our pricing strategy will deliver growth.
- Based on the above organic net sales growth outlook and expectation that continued input cost pressures will be partially offset by lower supply chain disruption costs, co anticipates organic operating income growth in the 4% to 6% range.
- Co continues to expect fiscal 2024 effective tax rate to be in the range of approximately 21% to 23%.
- Capital expenditures are planned to be in the range of $250 to $270 million
- While co remains optimistic about prospects for growth of organic net sales and organic operating income in fiscal 2024, evolving global macroeconomic conditions continue to create a challenging operating environment tempering expectations. Accordingly, co now expects the following in fiscal 2024: