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LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) reported financial results for its third quarter and nine months ended January 31, 2020. For the third quarter, the company’s reported net sales1 were essentially flat at $899 million (+3% on an underlying basis2) compared to the same prior-year period. Reported operating income decreased 5% to $304 million (+5% on an underlying basis) and diluted earnings per share rose 2% to $0.48.
For the first nine months of the fiscal year, the company’s reported net sales increased 3% to $2.7 billion (+3% on an underlying basis). Reported operating income decreased 1% to $904 million (-1% on an underlying basis) and diluted earnings per share increased 4% to $1.45.
Lawson Whiting, the company’s President and Chief Executive Officer said, “Today, we revised our full-year outlook to reflect tempered expectations in some of our international markets as well as the increasingly uncertain global economic and geopolitical environment. While we are cautious regarding our near-term outlook, we continue to build our business, as we always have, for the long term. We believe the strength of our brands and the health of our balance sheet places Brown-Forman in a strong position both today and for the long term.”
Year-to-Date Fiscal 2020 Highlights
Year-to-Date Fiscal 2020 Results By Market – Net Sales Growth Led by the United States
Year-to-date underlying net sales in the United States grew 6% (+7% reported). Top-line gains were driven by continued double-digit growth from our premium bourbons, Woodford Reserve and Old Forester, the launch of Jack Daniel’s Tennessee Apple, and double-digit underlying net sales growth in aggregate from Herradura and el Jimador. Sustained double-digit growth of Jack Daniel’s RTDs3 also contributed to our largest market’s growth with solid underlying net sales.
Underlying net sales in the company’s emerging markets grew 6% (+4% reported) accelerating slightly in the quarter reflecting volume gains for the Jack Daniel’s family of brands. Russia delivered strong underlying net sales growth up 15% (+14% reported) driven by expanding consumer demand for Jack Daniel’s Tennessee Whiskey. Poland’s underlying net sales improved in the quarter lifting underlying net sales growth year-to-date to 6% (+3% reported) driven by strong growth for the Jack Daniel’s family of brands. Brazil grew underlying net sales 6% (+12% reported) fueled by higher volumes of Jack Daniel’s Tennessee Whiskey and Jack Daniel’s Tennessee Fire. In a weakening economy, Mexico’s underlying net sales growth moderated to 2% (+1% reported).
Our developed international markets grew underlying net sales 2% (flat reported). Germany’s underlying net sales grew 5% (+6% reported) fueled by volume growth for Jack Daniel’s RTDs. France grew underlying net sales 3% (+3% reported) reflecting higher volumes of Jack Daniel’s Tennessee Honey and the launch of Jack Daniel’s RTDs, which were partially offset by declines of Jack Daniel’s Tennessee Whiskey. Australia’s underlying net sales grew 1% (-2% reported) as gains from the super-premium American whiskey portfolio offset declines of Jack Daniel’s RTDs. In the United Kingdom, underlying net sales declined 7% (-9% reported) driven by softness in the cash and carry channel and short-term disruptions from changes to our promotional strategy and upcoming route-to-market transition.
Travel Retail’s underlying net sales declined 3% (-4% reported) as lower volumes for Jack Daniel’s Tennessee Whiskey offset volume gains from Woodford Reserve.
Underlying net sales for the company’s non-branded business, largely comprised of used barrels, bulk whiskey, and contract bottling, declined 27% (-28% reported) year-to-date. This reduction was largely driven by lower volumes and prices for used barrels and a reduction in bulk whiskey sales.
Year-to-Date Fiscal 2020 Results By Brand
The company’s underlying net sales growth was led by the Jack Daniel’s family of brands, up 3% (+2% reported). The launch of Jack Daniel’s Tennessee Apple in the United States, sustained growth of Jack Daniel’s RTDs led by Germany, the United States, and France, and solid international growth of Jack Daniel’s Tennessee Honey and Gentleman Jack drove the family of brand’s growth. Underlying net sales of Jack Daniel’s Tennessee Whiskey were flat (-2% reported) as growth in emerging markets was offset by declines in the United Kingdom and Travel Retail. Jack Daniel’s Tennessee Honey reported 7% (+4% reported) underlying net sales growth reflecting broad-based volumetric gains led by France, Czechia, Poland and the United States, while Gentleman Jack grew underlying net sales 7% (+3% reported) driven by Poland, Germany, and the United Kingdom.
Brown-Forman’s portfolio of premium bourbon brands, including Woodford Reserve and Old Forester, continued their double-digit underlying net sales growth of 22% (+25% reported). Woodford Reserve, the leader in the super-premium bourbon category, surpassed the one million 9L case mark during the quarter growing underlying net sales 19% (+22% reported) during the nine months ended January 31, 2020. Woodford Reserve’s growth was led by the United States, where consumer takeaway trends remain strong, along with broad-based volume growth internationally. Old Forester, celebrating its 150th year, maintained an even faster rate of underlying net sales growth powered by volumetric gains and favorable mix from the brand’s high-end expressions.
Brown-Forman’s tequila brands sustained double-digit underlying net sales growth led by Herradura 20% (+20% reported) and el Jimador 11% (+8% reported). Herradura’s underlying net sales growth was driven by higher volumes, favorable product mix, and higher pricing in the United States and Mexico. el Jimador’s underlying net sales growth was driven by higher volumes in the United States as consumer takeaway trends remain strong.
Year-to-Date Fiscal 2020 Other P&L Items
Company-wide price/mix improvements contributed approximately 1% to the increase in underlying net sales reflecting faster growth from higher-priced brands led by the Jack Daniel’s family of brands and Woodford Reserve coupled with 2% volume growth. Underlying gross profit was flat (-1% reported) and reported gross margin contracted 220 bps to 63.1% driven by higher input costs and tariff-related costs. Higher input costs reflect the continued cost pressures from agave and wood.
Underlying advertising expense grew 3% (+1% reported) reflecting increased investment to support the launch of Jack Daniel’s Tennessee Apple as well as increased spending on Woodford Reserve. Underlying SG&A was flat year-to-date (-1% reported) driven by lower compensation-related expenses. Underlying operating income declined 1% (-1% reported).
Financial Stewardship
On January 28, 2020, the Brown-Forman Board of Directors declared a regular quarterly cash dividend of $0.1743 per share on the Class A and Class B common stock, resulting in an annualized cash dividend of $0.6972 per share. The quarterly cash dividend is payable on April 1, 2020, to stockholders of record on March 9, 2020. Brown-Forman has paid regular quarterly cash dividends for 74 consecutive years and has increased the dividend for 36 consecutive years.
Fiscal Year 2020 Outlook
The company revised the full-year outlook to reflect tempered expectations in some of its international markets reflecting both short-term disruptions and an increasingly uncertain global economic and geopolitical environment. This outlook also includes an estimated impact of COVID-19 (coronavirus).
Conference Call Details
Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (EDT) today. All interested parties in the United States are invited to join the conference call by dialing 888-624-9285 and asking for the Brown-Forman call. International callers should dial +1-706-679-3410. The company suggests that participants dial in ten minutes in advance of the 10:00 a.m. (EDT) start of the conference call. A live audio broadcast of the conference call, and the accompanying presentation slides, will also be available via Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link to “Investors/Events & Presentations.” A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.
For nearly 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including the Jack Daniel’s Family of Brands, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers’ Craft, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,700 employees and sold in more than 170 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.
Important Information on Forward-Looking Statements:
This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:
For further information on these and other risks, please refer to the “Risk Factors” section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
Brown-Forman Corporation |
|||||||||
|
|||||||||
|
2019 |
|
2020 |
|
Change |
||||
|
|
|
|
|
|
||||
Net sales |
$ |
904 |
|
|
$ |
899 |
|
|
0% |
Cost of sales |
333 |
|
|
342 |
|
|
3% |
||
Gross profit |
571 |
|
|
557 |
|
|
(2%) |
||
Advertising expenses |
103 |
|
|
104 |
|
|
0% |
||
Selling, general, and administrative expenses |
149 |
|
|
153 |
|
|
2% |
||
Other expense (income), net |
(1 |
) |
|
(4 |
) |
|
|
||
Operating income |
320 |
|
|
304 |
|
|
(5%) |
||
Non-operating postretirement expense |
15 |
|
|
1 |
|
|
|
||
Interest expense, net |
21 |
|
|
19 |
|
|
|
||
Income before income taxes |
284 |
|
|
284 |
|
|
0% |
||
Income taxes |
57 |
|
|
53 |
|
|
|
||
Net income |
$ |
227 |
|
|
$ |
231 |
|
|
2% |
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
||||
Basic |
$ |
0.47 |
|
|
$ |
0.48 |
|
|
2% |
Diluted |
$ |
0.47 |
|
|
$ |
0.48 |
|
|
2% |
|
|
|
|
|
|
||||
Gross margin |
63.1 |
% |
|
61.9 |
% |
|
|
||
Operating margin |
35.3 |
% |
|
33.8 |
% |
|
|
||
|
|
|
|
|
|
||||
Effective tax rate |
20.3 |
% |
|
18.6 |
% |
|
|
||
|
|
|
|
|
|
||||
Cash dividends paid per common share |
$ |
0.1660 |
|
|
$ |
0.1743 |
|
|
|
|
|
|
|
|
|
||||
Shares (in thousands) used in the calculation of earnings per share |
|
|
|
|
|
||||
Basic |
477,301 |
|
|
477,898 |
|
|
|
||
Diluted |
480,099 |
|
|
480,757 |
|
|
|
Brown-Forman Corporation |
|||||||||
|
|||||||||
|
2019 |
|
2020 |
|
Change |
||||
|
|
|
|
|
|
||||
Net sales |
$ |
2,580 |
|
|
$ |
2,654 |
|
|
3% |
Cost of sales |
896 |
|
|
980 |
|
|
9% |
||
Gross profit |
1,684 |
|
|
1,674 |
|
|
(1%) |
||
Advertising expenses |
303 |
|
|
308 |
|
|
1% |
||
Selling, general, and administrative expenses |
478 |
|
|
475 |
|
|
(1%) |
||
Other expense (income), net |
(13 |
) |
|
(13 |
) |
|
|
||
Operating income |
916 |
|
|
904 |
|
|
(1%) |
||
Non-operating postretirement expense |
19 |
|
|
3 |
|
|
|
||
Interest expense, net |
61 |
|
|
58 |
|
|
|
||
Income before income taxes |
836 |
|
|
843 |
|
|
1% |
||
Income taxes |
160 |
|
|
144 |
|
|
|
||
Net income |
$ |
676 |
|
|
$ |
699 |
|
|
3% |
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
||||
Basic |
$ |
1.41 |
|
|
$ |
1.46 |
|
|
4% |
Diluted |
$ |
1.40 |
|
|
$ |
1.45 |
|
|
4% |
|
|
|
|
|
|
||||
Gross margin |
65.3 |
% |
|
63.1 |
% |
|
|
||
Operating margin |
35.5 |
% |
|
34.1 |
% |
|
|
||
|
|
|
|
|
|
||||
Effective tax rate |
19.2 |
% |
|
17.1 |
% |
|
|
||
|
|
|
|
|
|
||||
Cash dividends per common share: |
|
|
|
|
|
||||
Declared |
$ |
0.6480 |
|
|
$ |
0.6806 |
|
|
|
Paid |
$ |
0.4820 |
|
|
$ |
0.5063 |
|
|
|
|
|
|
|
|
|
||||
Shares (in thousands) used in the calculation of earnings per share |
|
|
|
|
|
||||
Basic |
479,522 |
|
|
477,643 |
|
|
|
||
Diluted |
482,665 |
|
|
480,436 |
|
|
|
Brown-Forman Corporation |
|||||||
|
|||||||
|
April 30, 2019 |
|
January 31, 2020 |
||||
Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
307 |
|
|
$ |
276 |
|
Accounts receivable, net |
609 |
|
|
732 |
|
||
Inventories |
1,520 |
|
|
1,668 |
|
||
Other current assets |
283 |
|
|
318 |
|
||
Total current assets |
2,719 |
|
|
2,994 |
|
||
|
|
|
|
||||
Property, plant, and equipment, net |
816 |
|
|
840 |
|
||
Goodwill |
753 |
|
|
765 |
|
||
Other intangible assets |
645 |
|
|
654 |
|
||
Other assets |
206 |
|
|
265 |
|
||
Total assets |
$ |
5,139 |
|
|
$ |
5,518 |
|
|
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
544 |
|
|
$ |
558 |
|
Dividends payable |
— |
|
|
83 |
|
||
Accrued income taxes |
9 |
|
|
19 |
|
||
Short-term borrowings |
150 |
|
|
4 |
|
||
Total current liabilities |
703 |
|
|
664 |
|
||
|
|
|
|
||||
Long-term debt |
2,290 |
|
|
2,293 |
|
||
Deferred income taxes |
145 |
|
|
187 |
|
||
Accrued postretirement benefits |
197 |
|
|
198 |
|
||
Other liabilities |
157 |
|
|
171 |
|
||
Total liabilities |
3,492 |
|
|
3,513 |
|
||
|
|
|
|
||||
Stockholders’ equity |
1,647 |
|
|
2,005 |
|
||
|
|
|
|
||||
Total liabilities and stockholders’ equity |
$ |
5,139 |
|
|
$ |
5,518 |
|
Brown-Forman Corporation |
|||||||
|
|||||||
|
2019 |
|
2020 |
||||
|
|
|
|
||||
Cash provided by operating activities |
$ |
577 |
|
|
$ |
509 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant, and equipment |
(84 |
) |
|
(84 |
) |
||
Acquisition of business, net of cash acquired |
— |
|
|
(22 |
) |
||
Other |
(2 |
) |
|
(5 |
) |
||
Cash used for investing activities |
(86 |
) |
|
(111 |
) |
||
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Net change in short-term borrowings |
(13 |
) |
|
(150 |
) |
||
Acquisition of treasury stock |
(206 |
) |
|
(1 |
) |
||
Dividends paid |
(231 |
) |
|
(242 |
) |
||
Other |
(8 |
) |
|
(33 |
) |
||
Cash used for financing activities |
(458 |
) |
|
(426 |
) |
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
(12 |
) |
|
(3 |
) |
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents |
21 |
|
|
(31 |
) |
||
|
|
|
|
||||
Cash and cash equivalents, beginning of period |
239 |
|
|
307 |
|
||
|
|
|
|
||||
Cash and cash equivalents, end of period |
$ |
260 |
|
|
$ |
276 |
|
Schedule A |
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Brown-Forman Corporation |
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Supplemental Information (Unaudited) |
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|
|
|
|
|
|
|
As Reported |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Fiscal Year Ended |
|
|
|
January 31, 2020 |
|
January 31, 2020 |
|
April 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported change in net sales |
|
|
—% |
|
3% |
|
2% |
Acquisitions and divestitures |
|
|
—% |
|
—% |
|
—% |
New accounting standard |
|
|
—% |
|
—% |
|
1% |
Foreign exchange |
|
|
1% |
|
—% |
|
2% |
Estimated net change in distributor inventories |
|
|
3% |
|
—% |
|
—% |
|
|
|
|
|
|
|
|
Underlying change in net sales |
|
|
3% |
|
3% |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported change in gross profit |
|
|
(2)% |
|
(1)% |
|
(2)% |
Acquisitions and divestitures |
|
|
—% |
|
—% |
|
—% |
New accounting standard |
|
|
—% |
|
—% |
|
1% |
Foreign exchange |
|
|
1% |
|
—% |
|
2% |
Estimated net change in distributor inventories |
|
|
4% |
|
—% |
|
—% |
|
|
|
|
|
|
|
|
Underlying change in gross profit |
|
|
3% |
|
—% |
|
2% |
|
|
|
|
|
|
|
|
Reported change in advertising expenses |
|
|
—% |
|
1% |
|
(2)% |
Acquisitions and divestitures |
|
|
—% |
|
—% |
|
—% |
New accounting standard |
|
|
—% |
|
—% |
|
4% |
Foreign exchange |
|
|
—% |
|
1% |
|
2% |
|
|
|
|
|
|
|
|
Underlying change in advertising expenses |
|
|
—% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Reported change in SG&A |
|
|
2% |
|
(1)% |
|
(16)% |
Acquisitions and divestitures |
|
|
(1)% |
|
(1)% |
|
—% |
New accounting standard |
|
|
—% |
|
—% |
|
1% |
Foundation |
|
|
—% |
|
—% |
|
8% |
Foreign exchange |
|
|
—% |
|
1% |
|
2% |
|
|
|
|
|
|
|
|
Underlying change in SG&A |
|
|
2% |
|
—% |
|
(5)% |
|
|
|
|
|
|
|
|
Reported change in operating income |
|
|
(5)% |
|
(1)% |
|
9% |
Acquisitions and divestitures |
|
|
—% |
|
—% |
|
—% |
Foundation |
|
|
—% |
|
—% |
|
(7)% |
Foreign exchange |
|
|
3% |
|
—% |
|
3% |
Estimated net change in distributor inventories |
|
|
7% |
|
—% |
|
—% |
|
|
|
|
|
|
|
|
Underlying change in operating income |
|
|
5% |
|
(1)% |
|
5% |
|
|
|
|
|
|
|
|
Note: Totals may differ due to rounding |
|
|
|
|
|
|
|
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
Schedule B |
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Brown-Forman Corporation |
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|
|||||||
|
% Change vs. Prior Year Period |
||||||
Brand3 |
Depletions3 |
Net Sales2 |
|||||
9-Liter |
Drinks Equivalent3 |
Reported |
Acquisitions and Divestitures |
Foreign Exchange |
Estimated Net Change in Distributor Inventories |
Underlying |
|
Whiskey |
4% |
3% |
4% |
—% |
—% |
—% |
5% |
Jack Daniel’s family of brands |
3% |
3% |
2% |
—% |
—% |
—% |
3% |
Jack Daniel’s Tennessee Whiskey |
—% |
—% |
(2)% |
—% |
—% |
1% |
—% |
Jack Daniel’s RTD and RTP |
4% |
4% |
6% |
—% |
1% |
(1)% |
7% |
Jack Daniel’s Tennessee Honey |
7% |
7% |
4% |
—% |
1% |
2% |
7% |
Gentleman Jack |
7% |
7% |
3% |
—% |
—% |
3% |
7% |
Jack Daniel’s Tennessee Fire |
2% |
2% |
(2)% |
—% |
1% |
2% |
1% |
Other Jack Daniel’s Whiskey Brands |
67% |
67% |
65% |
—% |
—% |
(24)% |
41% |
Woodford Reserve |
21% |
21% |
22% |
—% |
—% |
(3)% |
19% |
Rest of Whiskey |
2% |
2% |
14% |
—% |
1% |
—% |
15% |
Tequila |
(6)% |
—% |
9% |
—% |
—% |
1% |
10% |
el Jimador |
2% |
2% |
8% |
—% |
—% |
3% |
11% |
Herradura |
10% |
10% |
20% |
—% |
—% |
(1)% |
20% |
Rest of Tequila |
(9)% |
(9)% |
(2)% |
—% |
—% |
1% |
(1)% |
Vodka |
(6)% |
(6)% |
(8)% |
—% |
—% |
1% |
(7)% |
Wine |
—% |
—% |
4% |
—% |
—% |
(3)% |
1% |
Rest of Portfolio |
—% |
—% |
5% |
(4)% |
(1)% |
(3)% |
(3)% |
Subtotal |
1% |
2% |
4% |
—% |
—% |
—% |
4% |
Non-Branded and Bulk |
NM |
NM |
(28)% |
—% |
—% |
—% |
(27)% |
Total Portfolio |
1% |
2% |
3% |
—% |
—% |
—% |
3% |
Other Brand Aggregations |
|
|
|
|
|
|
|
American whiskey |
4% |
4% |
4% |
—% |
—% |
—% |
4% |
Premium bourbons |
24% |
24% |
25% |
—% |
—% |
(3)% |
22% |
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
|||||||
Note: Totals may differ due to rounding |
Schedule C |
|||||
Brown-Forman Corporation |
|||||
|
|
||||
Geographic Area3 |
Net Sales2 |
||||
Reported |
Acquisitions and Divestitures |
Foreign Exchange |
Estimated Net Change in Distributor Inventories |
Underlying |
|
United States |
7% |
—% |
—% |
(2)% |
6% |
Developed International |
—% |
—% |
1% |
1% |
2% |
United Kingdom |
(9)% |
—% |
1% |
—% |
(7)% |
Australia |
(2)% |
—% |
3% |
—% |
1% |
Germany |
6% |
—% |
(1)% |
—% |
5% |
France |
3% |
—% |
—% |
—% |
3% |
Japan |
3% |
—% |
(2)% |
—% |
1% |
Rest of Developed International |
2% |
—% |
2% |
5% |
8% |
Emerging |
4% |
—% |
—% |
2% |
6% |
Mexico |
1% |
—% |
(1)% |
1% |
2% |
Poland |
3% |
—% |
3% |
—% |
6% |
Russia |
14% |
—% |
3% |
(1)% |
15% |
Brazil |
12% |
—% |
6% |
(11)% |
6% |
Rest of Emerging |
2% |
—% |
(2)% |
7% |
7% |
Travel Retail |
(4)% |
—% |
1% |
1% |
(3)% |
Non-Branded and Bulk |
(28)% |
—% |
—% |
—% |
(27)% |
Total |
3% |
—% |
—% |
—% |
3% |
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
|||||
Note: Totals may differ due to rounding |
Contacts
Rob Frederick
Vice President
Corporate Brand & Communications
502-774-7707
Leanne Cunningham
Senior Vice President
Shareholder Relations Officer
502-774-7287
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