Brown-Forman Corporation has successfully completed the acquisition of the Diplomático Rum brand from Destillers United Group S.L., enhancing its offerings in the super-premium rum market. Originally announced in October 2022, this acquisition includes the brand's production facility in Panama and adds over 100 new employees to Brown-Forman. Diplomático Rum, acclaimed for its quality and distributed in over 100 countries, is poised to strengthen Brown-Forman's position in the spirits industry.
Brown-Forman Corporation (NYSE: BF.A, BF.B) will celebrate its 150-year legacy by ringing the closing bell at the New York Stock Exchange on December 14, 2022, at 4:00 p.m. ET. This milestone highlights the company's long-standing commitment to enriching lives through premium beverage alcohol brands, including Jack Daniel's and Woodford Reserve. President and CEO Lawson Whiting, along with Board Chair Campbell Brown and employees, will participate in the event, which will also be broadcasted and live-streamed on the NYSE website.
Brown-Forman Corporation (NYSE: BFA, BFB) reported second-quarter net sales of $1.1 billion, a 10% increase year-over-year, and 11% growth for the first half of fiscal 2023 at $2.1 billion. Operating income for Q2 decreased 2% to $313 million, while diluted EPS fell 4% to $0.47. The company faced a 6% headwind from foreign currency exchange. Despite inflation and supply chain costs, Brown-Forman maintained strong consumer demand, particularly for Jack Daniel’s and Woodford Reserve brands. The Board approved a 9% dividend increase, affirming confidence in long-term growth prospects.
Brown-Forman Corporation (NYSE:BF.A,BF.B) has appointed Marshall Farrer as Executive Vice President and Chief Strategic Growth Officer, effective January 1, 2023. Farrer, who currently leads Brown-Forman’s European business, will work closely with CEO Lawson Whiting and the executive team to develop key partnerships and growth opportunities. With 24 years of experience in the global spirits industry, Farrer aims to enhance the company's strategic initiatives. He joins the Executive Leadership Team and is a member of the Board of Directors.
Brown-Forman Corporation (NYSE: BFA, BFB) announced a 9% increase in its quarterly cash dividend, raising it from $0.1885 to $0.2055 per share. This change elevates the annual cash dividend from $0.7540 to $0.8220 per share, payable on January 3, 2023. The company has a commendable history, having paid dividends for 79 years and increased them for 39 consecutive years. Furthermore, Mark Clouse and Elizabeth Smith have been elected to the Board of Directors, enhancing the board's expertise.
Brown-Forman Corporation (NYSE: BF.A, BF.B) has announced a 9% increase in its quarterly cash dividend, raising it from $0.1885 to $0.2055 per share. The annual dividend will rise from $0.7540 to $0.8220. This dividend is payable on January 3, 2023, to stockholders of record on December 2, 2022. Additionally, Mark Clouse and Elizabeth Smith have been elected to the Board of Directors, raising the total number of directors to 12, signaling strong leadership and future growth potential.
Brown-Forman Corporation (NYSE: BF.A, BF.B) will announce its Q2 and H1 fiscal 2023 financial results on December 7, 2022, at 8:00 a.m. (EST). A conference call to discuss these results is scheduled for 10:00 a.m. (EST). The call will be accessible via brown-forman.com, with a recording available two hours post-call and lasting for at least 30 days. Brown-Forman boasts a diverse portfolio of brands like Jack Daniel's and operates globally, employing approximately 5,200 people.
Brown-Forman Corporation (NYSE:BF.A, BF.B) has completed the acquisition of Gin Mare brands from Vantguard and MG Destilerías, following an agreement made in September 2022. Although the purchase price remains undisclosed, President and CEO Lawson Whiting expressed enthusiasm for incorporating Gin Mare into their super-premium portfolio, anticipating positive contributions to growth. Gin Mare, known for its Mediterranean-inspired botanicals, will continue production at its original facility in Spain.
Brown-Forman Corporation (NYSE:BF.A, BF.B) has announced its agreement to acquire the Diplomático Rum brand and related assets from Destillers United Group S.L. located in Spain. This strategic move allows Brown-Forman to strengthen its position in the rapidly growing super-premium rum sector. Diplomático Rum is recognized as the world's No. 1 super- and ultra-premium rum, with significant sales in over 100 countries, including France, Germany, and the U.S. The transaction is expected to finalize within 90 days, adding over 100 employees to Brown-Forman’s workforce.
Brown-Forman Corporation (NYSE:BF.A, BF.B) announced its agreement to acquire the Gin Mare brands from Vantguard and MG Destilerías. This acquisition aims to enhance Brown-Forman's super-premium portfolio with Gin Mare, the world’s leading ultra-premium gin, known for its unique Mediterranean botanicals. The brands have shown impressive sales growth and strong European distribution. The deal, pending customary closing conditions, is expected to finalize within 60 business days, further positioning Brown-Forman for long-term global growth.