Brown-Forman upgraded to equal weight at Morgan Stanley

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Jack Daniel’s distributor Brown-Forman sales miss estimates

Jack Daniel’s distributor Brown-Forman Corp. said Wednesday it had net income of $110 million, or 23 cents a share, in its fiscal fourth quarter to April 30, down from $144 million, or 30 cents a share, in the year-earlier period. Sales rose to $733 million from $694 million. The FactSet consensus was for EPS of 22 cents and sales of $755 million. Chief Executive Paul Varga said earnings were driven by Jack Daniel’s and its premium American whiskey brands. The company is now expecting fiscal 2019 EPS of $1.75 to $1.85, compared with a FactSet consensus of $1.82. Shares were not yet active premarket, but have gained 1.7% in 2018 so far, while the S&P 500 has gained 2.8%.

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