Credit: Shutterstock photoShares of Brown Forman (BF.A, BF.B) are down as much as 6% on Thursday after the company reported better-than-expected fiscal Q3 results but lowered 2018 EPS guidance and issued 2018 sales growth that was below Wall Street's expectations.
For the third quarter ended Jan. 31, the company earned an adjusted $0.44 per share, up from $0.38 per share a year ago, and three cents above the Capital IQ consensus estimate.
On an unadjusted basis, the company reported a profit of $0.39 per share.
Net sales increased to $878.0 million from $808.0 million and beat the estimated $870.1 million.
For FY18, the company expects underlying net sales growth of 6% to 7% and earnings of $1.43 to $1.48 per share which includes $0.03 expense from tax reform, $0.10 tied to the establishment of a foundation, and $0.03 of foreign exchange benefit. This compares to split adjusted prior guidance of $1.52 to $1.58 per share and Wall Street estimates of $1.58 per share.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
