Brown-Forman Corporation (NYSE:BF.B) reported quarterly earnings data that missed the mark Tuesday.
The beverage provider unveiled earnings for its fiscal third quarter that came in at 47 cents per share on an adjusted basis, a 1% rise compared to the year-ago period. However, the figure was under the 48 cents per share on an adjusted basis that analysts were expecting.
Meanwhile, revenue came in at $808 million, which was almost flat compared to the third quarter of the previous fiscal year. Net sales excluding negative currency impact and other adjustments grew 4%, while company sales before accounting for excise taxes were $1.06 billion, behind the $1.08 billion from the previous year.
The Zacks consensus estimate for this figure tallied up to $796.1 million. This positive aspect of Brown-Forman’s financial report came from the fact that Jack Daniel’s-branded products continued to rise in popularity, including double-digit sales growth for its Woodford Reserve and Old Forester.
The company’s gross profit fell 3% to $536 million. Brown-Forman also unveiled fiscal 2017 figures that will come in below projections.
Underlying operating income will rise by 5% to 7%, which is lower than its previous guidance of 6% to 8%. Earnings predictions are also lower as they were at $1.71 per share to $1.81 per share, but the company has adjusted this figure to a weaker $1.71 to $1.76 per share.
BF.B shares fell about 2.4% Tuesday afternoon.