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Brown-Forman fiscal Q2 profit falls YOY

Brown-Forman Corp. said its normalized net income for the fiscal second quarter ended Oct. 31 was 44 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

In the prior-year period, the per-share result came in at a profit of 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $172.5 million, a decline from $181.3 million in the year-earlier period.

The normalized profit margin declined to 20.8% from 21.2% in the year-earlier period.

Total revenue decreased on an annual basis to $830.0 million from $854.0 million, and total operating expenses declined year over year to $539.0 million from $552.0 million.

Reported net income declined on an annual basis to $195.9 million, or 50 cents per share, from $201.3 million, or 49 cents per share.