Brown-Forman Corporation - BF.A STOCK NEWS

Brown-Forman Corporation (NYSE: BFA, BFB) reported a 4% increase in Q3 net sales to $1.1 billion, while operating income fell 50% to $173 million due to a $96 million impairment charge and higher expenses. Diluted earnings per share decreased 61% to $0.21. For the first nine months of FY 2023, net sales rose 8% to $3.2 billion, but operating income dropped 13% to $829 million. The company remains optimistic, forecasting 8-10% organic net sales growth, driven by strong demand and rebuilding of distributor inventories. The board declared a cash dividend of $0.2055 per share, marking 79 consecutive years of dividend payments.

Brown-Forman Corporation (NYSE: BF.A, BF.B) is set to release its third quarter and fiscal 2023 financial results on March 8, 2023, at 8:00 a.m. (EST). A conference call to discuss the results will follow at 10:00 a.m. (EST). The call will be available live via Brown-Forman’s website, with a digital recording accessible approximately two hours after the call, available for at least 30 days. For over 150 years, Brown-Forman has developed fine quality beverage alcohol brands, including Jack Daniel's and Woodford Reserve, sold in over 170 countries and supported by approximately 5,200 employees worldwide.

Brown-Forman Corporation (NYSE: BF.A, BF.B) has announced a regular quarterly cash dividend of $0.2055 per share on its Class A and Class B Common Stock. The dividend will be payable on April 3, 2023, to stockholders of record on March 8, 2023. As a member of the S&P 500 Dividend Aristocrats index, the company has consistently paid dividends for 79 years and has increased its dividend for 39 consecutive years, reflecting its financial stability and commitment to shareholder returns.

Brown-Forman Corporation (NYSE:BF.A, BF.B) has appointed Larry Combs as Chief Information Officer and Director of Supply Chain Integration and Strategy and Melvin Keebler as General Manager, Jack Daniel Distillery Supply Chain, effective immediately. Combs will oversee application technologies and data strategies, while Keebler will manage operations at the Jack Daniel Distillery and Cooperage. These appointments aim to enhance the company's supply chain capabilities in response to global pressures and improve overall operational efficiency.

Brown-Forman Corporation has successfully completed the acquisition of the Diplomático Rum brand from Destillers United Group S.L., enhancing its offerings in the super-premium rum market. Originally announced in October 2022, this acquisition includes the brand's production facility in Panama and adds over 100 new employees to Brown-Forman. Diplomático Rum, acclaimed for its quality and distributed in over 100 countries, is poised to strengthen Brown-Forman's position in the spirits industry.

Brown-Forman Corporation (NYSE: BF.A, BF.B) will celebrate its 150-year legacy by ringing the closing bell at the New York Stock Exchange on December 14, 2022, at 4:00 p.m. ET. This milestone highlights the company's long-standing commitment to enriching lives through premium beverage alcohol brands, including Jack Daniel's and Woodford Reserve. President and CEO Lawson Whiting, along with Board Chair Campbell Brown and employees, will participate in the event, which will also be broadcasted and live-streamed on the NYSE website.

Brown-Forman Corporation (NYSE: BFA, BFB) reported second-quarter net sales of $1.1 billion, a 10% increase year-over-year, and 11% growth for the first half of fiscal 2023 at $2.1 billion. Operating income for Q2 decreased 2% to $313 million, while diluted EPS fell 4% to $0.47. The company faced a 6% headwind from foreign currency exchange. Despite inflation and supply chain costs, Brown-Forman maintained strong consumer demand, particularly for Jack Daniel’s and Woodford Reserve brands. The Board approved a 9% dividend increase, affirming confidence in long-term growth prospects.

Brown-Forman Corporation (NYSE:BF.A,BF.B) has appointed Marshall Farrer as Executive Vice President and Chief Strategic Growth Officer, effective January 1, 2023. Farrer, who currently leads Brown-Forman’s European business, will work closely with CEO Lawson Whiting and the executive team to develop key partnerships and growth opportunities. With 24 years of experience in the global spirits industry, Farrer aims to enhance the company's strategic initiatives. He joins the Executive Leadership Team and is a member of the Board of Directors.