Brown-Forman Ends Fiscal 2018 With Steady Jack Daniel's Volume Growth; Shares Remain Expensive
Wide-moat Brown-Forman's fiscal 2018 results were largely in line with our expectations, with net sales up 8% (6% on an underlying basis) and gross margin expanding 30 basis points to nearly 68%, resulting in diluted earnings per share of $1.48 compared with our $1.50 estimate. We're reiterating our longer-term outlook, which incorporates above 5% net sales growth and mid-30s average operating margin over our forecast. Management's 2019 outlook for 6%-7% underlying sales growth and 7%-9% operati...Brown-Forman primarily manufactures, bottles, imports, exports, markets, and sells a range of alcoholic beverage brands. Co.'s principal brands include, among other, Jack Daniel's Tennessee Whiskey; Jack Daniel's Tennessee Honey; Jack Daniel's RTDs; Gentleman Jack Rare Tennessee Whiskey; Jack Daniel's Tennessee Fire; Jack Daniel's Single Barrel Collection; Jack Daniel's Winter Jack; Jack Daniel's Sinatra Select; Jack Daniel's No. 27 Gold Tennessee Whiskey; Jack Daniel's Tennessee Rye; Korbel California Champagnes; Korbel California Brandy; Woodford Reserve Kentucky Bourbon; Woodford Reserve Double Oaked; Woodford Reserve Kentucky Rye Whiskey; Finlandia Vodkas; and Slane Irish Whiskey.
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