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Brown-Forman Corporation (NYSE: BFA, BFB) held its annual meeting, honoring George Garvin Brown IV for 15 years of service on the Board of Directors, including 14 years as Chair. CEO Lawson Whiting praised Brown's leadership in transforming the company into a global spirits leader. Stockholders elected a new slate of directors, with Campbell P. Brown as the new Board Chair. The Board approved a quarterly cash dividend of $0.1795, payable on October 1, 2021, to stockholders of record on September 3, 2021. Brown-Forman has consistently paid dividends for 77 years, increasing it for 37 consecutive years.
Brown-Forman Corporation (NYSE: BFA, BFB) reported a 14% increase in net sales for Q4, reaching $812 million, while fiscal year 2021 net sales grew 3% to $3.5 billion. Operating income fell 10% to $168 million in Q4, with diluted EPS at $0.25, a 6% decline. For the year, operating income rose 7% to $1.2 billion, with diluted EPS increasing 9% to $1.88. The company generated $755 million in free cash flow and maintained a strong focus on brand growth, particularly in premium segments. Looking ahead, Brown-Forman anticipates mid-single-digit growth in underlying net sales and operating income for fiscal 2022.
Brown-Forman Corporation (NYSE: BFA, BFB) declared a quarterly cash dividend of $0.1795 per share on its Class A and Class B Common Stock, payable on July 1, 2021 to stockholders of record as of June 8, 2021. As a member of the S&P 500 Dividend Aristocrats index, Brown-Forman has a history of paying dividends for 77 years and increasing them for 37 consecutive years. The company operates globally, supporting around 4,800 employees and offering a range of well-known beverage brands.
Brown-Forman Corporation (NYSE:BFA, BFB) will announce its financial results for Q4 and fiscal year 2021 on June 9, 2021, at 8:00 a.m. EDT. A teleconference to discuss these results will follow at 10:00 a.m. EDT. Participants can access the live audio broadcast via Brown-Forman's website and are encouraged to join ten minutes early. The company has a rich history of over 150 years, producing renowned brands like Jack Daniel's and Woodford Reserve, supported by around 4,800 employees and distributed in more than 170 countries.
The recent agreement between the U.S. and the EU aims to prevent the doubling of tariffs on American whiskey, a positive development acknowledged by stakeholders. The Biden Administration and EU negotiators are commended for their efforts. However, American whiskey continues to face a 25% retaliatory tariff in the EU and UK. There is optimism among industry participants that these negotiations will progress further, with the potential for complete tariff removal in the future.
Brown-Forman (NYSE:BFA) (NYSE:BFB) announces the elevation of Tim Nall to the executive leadership team as the chief information and advanced analytics officer, effective July 2. This decision highlights the significance of IT and advanced analytics in the company's strategy. Nall, who has been with the company since 2015, is tasked with directing technology platforms and infrastructure, crucial for driving global growth and protecting digital assets. CEO Lawson Whiting emphasizes the role of technology in enhancing operational performance.
Brown-Forman Corporation (NYSE:BFA, BFB) announces a significant leadership change as Jane Morreau, CFO for nearly three decades, will leave the company on July 1. Leanne Cunningham, with 25 years of experience at Brown-Forman, will succeed her on July 2. Morreau has made substantial contributions, particularly in financial strategies and global operations, strengthening the company's position during challenging times. Cunningham is expected to leverage her diverse experience to guide financial operations and support Brown-Forman's continued global growth.
Brown-Forman Corporation plans to expand the Woodford Reserve Distillery to double its production capacity, adding three copper pot stills. This initiative responds to the increasing global demand for Woodford Reserve, the leading super-premium American whiskey, which has achieved over one million case sales with a double-digit growth rate year-to-date. The expansion project will include new facilities for fermentation, boiler operations, and employee training, projected to begin construction in spring 2021 and complete by summer 2022.
Brown-Forman Corporation (NYSE: BFA, BFB) reported net sales of $911 million for Q3, up 1% year-over-year, with an 8% decline in operating income to $281 million. Year-to-date, net sales reached $2,649 million, flat, but operating income increased by 10% to $998 million. The company’s diluted earnings per share grew by 12% to $1.63. The tequila and premium bourbon segments saw growth, yet challenges remain due to COVID-19's impact on sales, particularly for Jack Daniel’s Tennessee Whiskey. A $125 million investment was approved to expand bourbon production capacity.
Brown-Forman Corporation (NYSE:BFA, BFB) will release its financial results for the third quarter of fiscal 2021 on March 3, 2021, at 8:00 a.m. (EST). A conference call to discuss the results is scheduled for 10:00 a.m. (EST), with an audio broadcast available on their website. Interested parties can participate via U.S. or international dialing options. Brown-Forman has a strong portfolio of beverage alcohol brands, supported by approximately 4,800 employees and distributed in over 170 countries globally.
