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Brown-Forman fiscal Q1 profit climbs 13.9% YOY

Brown-Forman Corp. said its normalized net income for the fiscal first quarter ended July 31 came to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS increased 16.8% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $143.1 million, a gain of 13.9% from $125.6 million in the year-earlier period.

The normalized profit margin increased to 19.8% from 19.0% in the year-earlier period.

Total revenue grew 9.4% on an annual basis to $723.0 million from $661.0 million, and total operating expenses rose 6.8% from the prior-year period to $472.0 million from $442.0 million.

Reported net income increased 24.7% from the prior-year period to $177.7 million, or 46 cents per share, from $142.6 million, or 36 cents per share.