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.
The article Brown-Forman Posts 10% Profit Rise in Q2 originally appeared on Fool.com.Eric Volkman and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.