U.S. spirits company Brown Forman announced its Q1 results in which profits and revenue exceeded expectations.

Via Investing.com

The quarterly results announced by Brown Forman exceeded analysts’ expectations and forecasts. The company reported earnings per share of $0.40 on revenue of $906 million.

Brown Forman shares were unchanged 0.00% at $70.22 in pre-opening trading after the release.

It is worth noting that since the beginning of the year Brown Forman shares are down 11% underperforming the S&P 500 who is up 20% since the beginning of the year.

The company clearly benefited from the implementation of vaccines around the world and the reopening of the global economy. In fact Brown Forman posted sales growth of 18% in the quarter, while its flagship brand, Jack Daniel’s, grew 21% in the same period.

During the earnings conference call, management also discussed growth in the other segments. For example, underlying net sales in the tequila segment grew 23%.

It is important to note that Brown-Forman’s revenue growth was driven primarily by price increases, rather than increases in volume sold, as mentioned during the earnings call.

 

Don’t drink and drive. Enjoy responsibly.

 

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