Key Takeaways:
Brown-Forman, owner of Jack Daniel’s whiskey, was the S&P 500’s best-performing company on Thursday.
The alcohol maker reported fiscal second-quarter revenue of $1.11 billion, down 1% year-over-year but above the analyst consensus from Visible Alpha. Net income was $242 million, or 50 cents per share, compared to $258 million or 55 cents per share a year earlier and topping the Street’s expectations.
Sales of Jack Daniel’s Tennessee Whiskey declined 1% year-over-year. Whiskey sales overall fell 3%.
CEO Lawson Whiting said the company anticipates a “return to growth” in fiscal 2025, which runs through April. Brown-Forman maintained its guidance of 2% to 4% organic sales growth, driven in part by gains in international markets.
Shares of Brown-Forman jumped more than 10% Thursday but are down roughly 20% in 2024.