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Jan 31, 2021
Brown-Forman Q3 2021 Earnings Report
Brown-Forman reported resilient year-to-date performance amidst a challenging environment.
Key Takeaways
Brown-Forman's Q3 2021 showed a 1% increase in reported net sales to $911 million, but remained flat on an underlying basis. Operating income decreased by 8% to $281 million, and diluted earnings per share declined by 5% to $0.45. The company remains focused on executing long-term strategic priorities and delivering broad-based growth.
Underlying net sales grew 2% year-to-date, driven by the United States and developed international markets, which each grew 7%.
Jack Daniel’s family of brands underlying net sales grew 2%, supported by Jack Daniel’s RTDs, Tennessee Apple, Tennessee Honey, and Gentleman Jack.
Premium bourbons grew underlying net sales 21%, with Woodford Reserve and Old Forester showing strong double-digit growth.
The tequila portfolio grew underlying net sales 6%, led by New Mix in Mexico.
Forward Guidance
The company expects to continue to face uncertainty related to the evolving COVID-19 pandemic and its effect on the global economy. As a result, no quantitative guidance is being provided for fiscal year 2021.
Positive Outlook
- The company's financial and business fundamentals have remained strong throughout the entire pandemic.
- The company delivered solid growth in a challenging environment.
- The company believes it is operating from a position of strength.
- The company expects to emerge even stronger from this crisis.
- The company aims to continue to grow market share and drive long-term sustainable growth for all stakeholders.
Challenges Ahead
- The company expects to continue to face uncertainty related to the evolving COVID-19 pandemic.
- The COVID-19 pandemic will affect the global economy.
- The company is not providing quantitative guidance for fiscal year 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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