Last $92.15 USD
Change Today -0.65 / -0.70%
Volume 245.6K
BF/B On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

brown-forman corp-class b (BF/B) Snapshot

Open
$92.80
Previous Close
$92.80
Day High
$93.09
Day Low
$92.06
52 Week High
06/20/14 - $97.15
52 Week Low
09/3/13 - $66.41
Market Cap
19.5B
Average Volume 10 Days
245.7K
EPS TTM
$3.03
Shares Outstanding
129.0M
EX-Date
06/2/14
P/E TM
30.5x
Dividend
$1.16
Dividend Yield
1.22%
Current Stock Chart for BROWN-FORMAN CORP-CLASS B (BF/B)

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brown-forman corp-class b (BF/B) Details

Brown-Forman Corporation is engaged in the manufacture, bottling, import, export, marketing, and sale of alcoholic beverages. It provides whiskey, ready-to-drink cocktails, vodka, tequilas, champagnes, wines, liqueur, and other distilled spirits. The company offers its products primarily under the Jack Daniel’s, Gentleman Jack, Southern Comfort, Finlandia, Antiguo, el Jimador, Herradura, Pepe Lopez, Woodford Reserve, Canadian Mist, Chambord, Collingwood, Early Times, Korbel Champagne, Little Black Dress, Maximus, Old Forester, Sonoma-Cutrer, and Tuaca brands. The company sells its products to distributors and state governments, as well as directly to retail stores and wholesalers primarily in the United States, Australia, Mexico, Germany, Poland, Russia, France, Turkey, Canada, Japan, Spain, the Czech Republic, South Africa, Turkey, Mexico, South Korea, Brazil, and Italy. The company was founded in 1870 and is headquartered in Louisville, Kentucky.

4,000 Employees
Last Reported Date: 06/20/14
Founded in 1870

brown-forman corp-class b (BF/B) Top Compensated Officers

Executive Chairman, Chief Executive Officer a...
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $456.5K
Executive Vice President and President for Eu...
Total Annual Compensation: $605.6K
Executive Vice President and President of Nor...
Total Annual Compensation: $496.5K
Vice Chairman, Executive Director of Corporat...
Total Annual Compensation: $600.4K
Compensation as of Fiscal Year 2014.

brown-forman corp-class b (BF/B) Key Developments

Brown-Forman Corporation Approves the Amendments to the By-Laws

On May 21, 2014, the Board of Directors of Brown-Forman Corporation approved certain amendments to the company's By-laws. The Restated By-Laws became effective immediately upon approval. In addition, the Restated By-laws include certain non-substantive clarifying changes.

Brown-Forman Declares Quarterly Cash Dividend Payable on July 1, 2014; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended April 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015

Brown-Forman's Board of Directors declared a regular quarterly cash dividend of 29 cents per share on its Class A and Class B Common Stock. Stockholders of record on June 4, 2014 will receive the cash dividend on July 1, 2014. The company announced unaudited consolidated earnings results for the fourth quarter and year ended April 30, 2014. For the quarter, net sales were $893 million against $866 million a year ago. Operating income was $189 million against $177 million a year ago. Income before income taxes was $182 million against $161 million a year ago. Net income was $132 million against $113 million a year ago. Diluted earnings per share were $0.62 against $0.52 a year ago. Effective tax rate was 27.3% against 29.7% a year ago. Underlying change in Net Sales were 3%. Underlying negative change in operating income was 2%. For the year, net sales were $3,946 million against $3,784 million a year ago. Operating income was $971 million against $898 million a year ago. Income before income taxes was $947 million against $865 million a year ago. Net income was $659 million against $591 million a year ago. Diluted earnings per share were $3.06 against $2.75 a year ago. Effective tax rate was 30.5% against 31.7% a year ago. Cash provided by operating activities was $649 million against $537 million a year ago. Additions to property, plant, and equipment were $126 million against $95 million a year ago. Net debt was $568 million compared to $798 million a year ago. Underlying change in Net Sales were 6%. Underlying change in operating income was 11%. The company anticipates that the favorable dynamics experienced over the last three years, including premiumization trends and strong global demand for American whiskey brands, will continue into fiscal 2015, despite continued uncertainty in the global macroeconomic environment, including weak on-premise trends in the United States and a slight slowdown in some of the emerging markets. Accordingly, the company expects 6-8% growth in reported and underlying net sales, driven by the continued global expansion of the Jack Daniel's trademark, including both Tennessee Whiskey and Tennessee Honey. The company also expects other brands such as Woodford Reserve, Herradura, and Finlandia to help drive sales growth. The company expects to continue investing in its long-term growth, driven by A&P increases slightly ahead of net sales growth and SG&A increases slightly below net sales growth in fiscal 2015. The company believes that this would result in another year of operating margin expansion and 9-11% growth in reported and underlying operating income. The company expects diluted earnings per share of $3.25 to $3.45. This full year outlook includes a negligible impact from foreign exchange. The company also expects first quarter results to be negatively impacted by comparisons with the large buy-ins in advance of price increases that occurred over the last two years, primarily in the United States, but this impact should reverse over the balance of fiscal 2015. The company expects 2015's CapEx to be in the $120 million to $140 million. EPS range assumes a full year tax rate of 30% to 31%.

Brown-Forman Eyeing Whyte and Mackay’s Whisky Business

Brown-Forman Corporation (NYSE:BF.B) is planning to acquire Whyte and Mackay Limited’s whisky business and is said to be one of the potential buyers. The possible deal is expected to fetch around £350 million. United Spirits Limited (BSE:532432) is selling Whyte & Mackay, in order to satisfy competition concerns arising from Diageo's purchase of a controlling stake in the Indian drinks firm. SPI Group S.a.r.l., Gruppo Campari SpA, Lion Capital LLP, and TPG Capital Management are among the possible suitors. Other media have reported that Kohlberg Kravis Roberts & Co. (NYSE:KKR) was also bidding. Second-round bids are due on April 17, 2014.

 

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Industry Analysis

BF/B

Industry Average

Valuation BF/B Industry Range
Price/Earnings 30.3x
Price/Sales 6.6x
Price/Book 9.7x
Price/Cash Flow 18.2x
TEV/Sales 3.5x
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