Brown-Forman Posts 10% Profit Rise in Q2
Brown-Forman (NYS: BF.B) saw a net profit gain of just under 10% in its second quarter of 2013, the company announced in an official statement. The bottom line for the spirits producer during the quarter amounted to $173.0 million, for a diluted EPS of $0.80, compared with $157.6 million ($0.73) in Q2 2012.
Net sales, however, were basically flat at slightly over $1 billion in Q2.
The increase in net profit led the company to boost its guidance for the full year. It now believes it will post EPS of $2.58 to $2.70 in fiscal 2013, up from its former expectation of $2.40 to $2.67.
Late last month, Brown-Forman became another company to announce a special dividend, to be paid by the end of the year to avoid a potentially big tax-rate increase. That gross payout is $4.00, to be distributed Dec. 27 to shareholders of record as of Dec. 5.
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