Brown-Forman Corporation (NYSE: BF.A, BF.B) has announced a 5% increase in its quarterly cash dividend to $0.1885 per share, raising the annual dividend from $0.7180 to $0.7540. This marks the 38th consecutive year of dividend increases. A special cash dividend of $480 million, or $1.00 per share, is also declared, payable on December 29, 2021. Stockholders of record by December 3, 2021 will benefit from the increased dividends.
Brown-Forman Corporation will announce its financial results for the second quarter and first half of fiscal year 2022 on December 8, 2021, at 8:00 a.m. (EST). Following the release, a conference call will be held at 10:00 a.m. (EST) to discuss the findings. Participants can join through the company's website or by dialing in for the call. Brown-Forman has a strong portfolio of brands, including Jack Daniel’s, and operates in over 170 countries with around 4,700 employees.
Brown-Forman Corporation praised the Biden Administration for reaching an agreement with the EU to eliminate tariffs on American whiskey, which have been active for over three years. This action is seen as a step towards strengthening the Transatlantic alliance and fostering international growth for American whiskey. The tariffs are set to be lifted on January 1, 2022. Lawson Whiting, the President and CEO, expressed gratitude towards the involved policymakers and emphasized the hope for similar outcomes with the UK.
Brown-Forman Corporation has committed to achieving 100% renewable electricity by 2030, joining the RE100 initiative. This step aligns with their Global Sustainability Goals aimed at reducing environmental impact.
Incorporating investments in solar and wind energy, the initiative is a strategic move to address climate change risks. Over 300 global businesses have joined RE100, signaling a serious commitment to renewable energy. Brown-Forman aims to hold itself accountable to global sustainability standards.
Brown-Forman Corporation has unveiled its updated Global Sustainability Goals aimed at reducing its environmental footprint and enhancing community impact. These new commitments span four key pillars: Climate Action, Water Stewardship, Circular Economy, and Supply Chain. The company aims to halve greenhouse gas emissions by 2030 and achieve net-zero emissions in operations and supply chain by 2045. These goals are integrated into the company’s business strategy, reinforcing its dedication to sustainability.
Brown-Forman Corporation (NYSE: BFA, BFB) reported Q1 fiscal 2022 net sales of $906 million, a 20% increase year-over-year. Operating income dropped 25% to $289 million, and diluted EPS fell 41% to $0.40, due to a prior year's gain from brand sales. Strong portfolio performance was noted, especially with Jack Daniel's and premium bourbons. However, supply chain disruptions and rising input costs are projected to impact gross margins. Despite challenges, Brown-Forman anticipates mid-single digit growth in underlying net sales and operating income for fiscal 2022.