Brown-Forman Corporation BF.Bdelivered fourth-quarter fiscal 2018 results, wherein both earnings and sales topped estimates. This marked the company’s fourth straight quarter of earnings and sales beat. Adjusted earnings of 23 cents declined 24% but surpassed the Zacks Consensus Estimate of 22 cents.
Earnings were hurt by the previously announced creation of a $70 million charitable foundation as well as phasing of operating expenses.Net sales improved about 6% year over year to $733 million, after deducting excise taxes. However, on an underlying basis (excluding negative currency impact and other adjustments), sales increased 5%, marking the seventh straight quarterly growth. The Zacks Consensus Estimate was pegged at $747.4 million.