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Apr 30, 2023
Brown-Forman Q4 2023 Earnings Report
Brown-Forman reported a 5% increase in net sales and a 36% increase in diluted earnings per share.
Key Takeaways
Brown-Forman Corporation reported a 5% increase in net sales to $1.0 billion for the fourth quarter, with operating income increasing by 21% and diluted earnings per share increasing by 36% to $0.43.
Reported net sales increased 5% to $1.0 billion.
Reported operating income increased 21% to $298 million.
Diluted earnings per share increased 36% to $0.43.
Full year reported net sales increased 8% to $4.2 billion.
Brown-Forman
Brown-Forman
Forward Guidance
Brown-Forman is optimistic about prospects for growth of organic net sales and organic operating income in fiscal 2024, expecting organic net sales growth in the 5% to 7% range and organic operating income growth in the 6% to 8% range.
Positive Outlook
- Strength of portfolio of brands
- Pricing strategy
- Strong consumer demand
- Expect organic net sales growth in the 5% to 7% range.
- Anticipate organic operating income growth in the 6% to 8% range.
Challenges Ahead
- Trends will normalize after two consecutive years of double-digit organic net sales growth.
- Continued input cost pressures
- Expect fiscal 2024 effective tax rate to be in the range of approximately 21% to 23%.
- Capital expenditures are planned to be in the range of $250 to $270 million.
- Difficult to quantify or predict with reasonable certainty items such as foreign exchange, which could have a significant impact on GAAP income statement measures.