LOUISVILLE, Ky. (AP) -- Liquor producer Brown-Forman Corp. says its second-quarter net income rose 10 percent as the company benefited from a combination of price increases and lower costs.
Despite earnings the upswing, the company said Wednesday its net sales growth was hampered somewhat by distributors and retailers stocking up in advance of price increases.
Brown-Forman reported net income of $173 million, or 80 cents, per share, for the three months ended Oct. 31. That's up from $157.6 million, or 73 cents per share, a year ago. Net sales were flat at just over $1 billion.
Analysts surveyed by FactSet expected earnings of 78 cents per share on revenue of $946.7 million.
During the first half of its fiscal year, net sales rose 9 percent for the Jack Daniel's brand when excluding currency swings.