Dec. 5 (Bloomberg) -- Brown-Forman Corp., the maker of Jack Daniel’s and Southern Comfort, reported second-quarter profit that rose more than analysts estimated after it boosted sales of whiskey in the U.S. and Finlandia vodka in Eastern Europe. The shares climbed as much as 10 percent in New York trading.

Per-share earnings may increase to $3 to $3.20 a share for the year that began May 1 after a 12-cent gain from the expected sale of the Bolla and Fontana Candida wine brands, Brown-Forman said. Excluding the transaction and adjusting for a recent share split, the forecast was unchanged.

Consumer uncertainty during the worst credit crisis in seven decades and a recession haven’t sapped drinkers’ desire to sip Jack Daniel’s Tennessee whiskey, filtered through hard maple charcoal and priced at about $30 a liter. Investors generally regard spirits as a stable product in tough economic times and they drove the company’s shares as high as $48.34 today.

“In an environment like this, it’s hard for anyone to feel great, but we do believe we’re in a better position than most,” Chief Executive Officer Paul Varga said today during a conference call.

Net income advanced 11 percent to $143.2 million, or 94 cents a share, from $129.5 million, or 83 cents, a year earlier, the Louisville, Kentucky-based company said today in a statement. Four analysts surveyed by Bloomberg estimated average profit of 92 cents.

Southern Comfort

Net sales including excise taxes advanced 4.6 percent to $934.7 million in the three months ended Oct. 31. Four analysts in a Bloomberg survey estimated sales of $924 million on that basis.

Brown-Forman also expanded sales of Southern Comfort in the U.S., U.K. and Germany, spokesman Phil Lynch said. The U.S. accounted for about 48 percent of Brown-Forman’s revenue last year. Sales in Europe contributed 29 percent.

The company said Jack Daniel’s is its top-selling brand. Brown Forman also sells Korbel champagnes, Pepe Lopez tequila, Canadian Mist blended whisky and wines including Fetzer.

Yesterday, Brown-Forman said it planned to repurchase $250 million of its Class A and Class B stock over the next 12 months.

Brown-Forman’s Class B shares climbed $4.22, or 9.6 percent, to $48.10 at 4:02 p.m. in New York Stock Exchange composite trading. The stock dropped 26 percent this year before today.

To contact the reporter on this story: Duane D. Stanford in New York at dstanford@bloomberg.net

Last Updated: December 5, 2008 16:13 EST