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Brown-Forman profit misses consensus by 16.9% in fiscal Q2

Brown-Forman Corp. said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to 43 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS declined year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $185.0 million, a decline from $190.6 million in the year-earlier period.

The normalized profit margin fell to 21.1% from 22.9% in the year-earlier period.

Total revenue increased 5.3% on an annual basis to $877.0 million from $833.0 million, and total operating expenses rose 10.5% on an annual basis to $577.0 million from $522.0 million.

Reported net income totaled $207.2 million, or 49 cents per share, compared with $206.6 million, or 48 cents per share, in the prior-year period.