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Apr 30, 2021
Brown-Forman Q4 2021 Earnings Report
Brown-Forman reported strong fiscal year 2021 results driven by growth across geographic clusters and brand portfolio, despite challenges from COVID-19.
Key Takeaways
Brown-Forman's Q4 2021 net sales increased by 14% to $812 million. However, operating income decreased by 10% to $168 million, and diluted earnings per share declined by 6% to $0.25.
Underlying net sales grew 6% (+3% reported).
Growth occurred across each of the three major International Monetary Fund (IMF) geographic clusters.
Jack Daniel’s family of brands underlying net sales grew 4% (+1% reported).
Premium bourbons maintained double-digit underlying net sales growth.
The tequila portfolio grew underlying net sales 14% (+9% reported).
Forward Guidance
For fiscal 2022, Brown-Forman anticipates mid-single digit growth in underlying net sales and operating income.
Positive Outlook
- Optimistic outlook as the operating environment is expected to continue to improve.
- Confident in the collective strength of our markets.
- Benefit from the re-opening of the on-premise channel.
- Benefit from increase in tourism.
- Portfolio remains well positioned to capitalize on the continuing spirits premiumization trend.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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