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Brown-Forman fiscal Q1 profit falls YOY

Brown-Forman Corp. said its normalized net income for the fiscal first quarter ended July 31 came to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS fell year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $125.6 million, a decrease of 7.8% from $136.3 million in the prior-year period.

The normalized profit margin declined to 19.0% from 19.5% in the year-earlier period.

Total revenue declined 5.2% on an annual basis to $661.0 million from $697.0 million, and total operating expenses decreased 6.8% from the prior-year period to $442.0 million from $474.0 million.

Reported net income fell 7.8% from the prior-year period to $142.6 million, or 36 cents per share, from $154.6 million, or 37 cents per share.