Brown-Forman posts 18 percent net income gain

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by AP

WHAS11.com

Posted on March 6, 2013 at 9:33 AM

LOUISVILLE, Ky. (AP) -- Liquor producer Brown-Forman Corps says its third-quarter net income rose 18 percent on continued strong sales led by its flagship Jack Daniel's brand.
 
Brown-Forman says it expects high single-digit net sales growth for the fiscal year despite a fragile global economy.
 
Net sales for its Jack Daniel's brand rose 10 percent when excluding currency swings for the first nine months of the company's fiscal year.
 
The company reported net income of $157.6 million, or 73 cents per share, for the quarter, up 18 percent from a year ago. Net sales rose 7 percent to just over $1 billion. Analysts expected 70 cents on net sales of $979.5 million.
 
The company narrowed its full-year earnings outlook to a range of $2.60 to $2.68 per share from $2.58 to $2.70 per share.
 

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