- Brown-Forman press release (NYSE:BF.B): FQ1 GAAP EPS of $0.52 beats by $0.05.
- Revenue of $1.01B (+11.5% Y/Y) beats by $33.83M.
- Lawson Whiting, Brown-Forman’s President and Chief Executive Officer stated, “Building on our exceptional fiscal 2022 results, Brown-Forman is off to a great start in fiscal 2023. Our strong strategic position, premium portfolio, continued innovation, and investment behind our brands have once again delivered double-digit revenue growth. While there is continued uncertainty in the market, I remain optimistic we can continue this momentum and deliver on both short- and long-term growth ambitions.”
- The company reiterates guidance and continue to expect the following in FY2023: "With the strength of our portfolio of brands and strong consumer demand, we expect organic net sales growth in the mid-single digit range. Considering the net effect of inflation and the removal of the EU and U.K. tariffs on American whiskey, we project reported gross margin to increase slightly. We anticipate mid-single digit organic operating income growth. Effective tax rate to be in the range of approximately 22% to 23%. Capital expenditures are planned to be in the range of $190 to $210 million."