brown-forman corp-class b (BF/B) Key Developments
Brown-Forman Declares Regular Quarterly Cash Dividend, Payable on July 1, 2015
May 21 15
Brown-Forman’s board of directors declared a regular quarterly cash dividend of 31½ cents per share on its Class A and Class B common stock. Stockholders of record on June 3, 2015 will receive the cash dividend on July 1, 2015.
Brown-Forman Corporation Announces Board Changes
May 21 15
Brown-Forman Corporation announced that its Board of Directors has elected Augusta Brown Holland and Stuart R. Brown to become directors of the company,
effective immediately. The election of Augusta Brown Holland and Stuart R. Brown continues an on-going multi-year evolution of Brown family representation on the board. As part of this process, Dace Brown Stubbs, the last member of the family’s fourth generation to serve on the board, has elected not to stand for re-election at the annual stockholders’ meeting in July, after sixteen years of service as a director. Augusta Brown Holland is a developer and founding partner at Haystack Partners, LLC. Stuart R. Brown is the managing partner of Typha Partners, LLC of Cambridge, MA.
Brown-Forman Promotes Campbell Brown to the New Position of President, Old Forester, Effective May 1, 2015
Mar 17 15
Brown-Forman announced that Campbell Brown has been promoted to the new position of President, Old Forester, effective May 1, 2015. Brown will be responsible for the worldwide growth of the Old Forester trademark. He will be charged with leveraging the current momentum of Old Forester, which has experienced a recent growth in sales for the first time in decades, to develop it into a national and international iconic American bourbon brand. Brown will also guide the development of the Old Forester Distillery on Louisville’s historic West Main Street. Campbell will report to Lawson Whiting, Chief Brands and Strategy Officer. Brown most recently managed Brown-Forman’s wine and spirits portfolio for Canada and the Midwest in the U.S.
Brown-Forman Sheds 25 Corporate Jobs
Mar 5 15
Brown-Forman Corp. has cut 25 jobs, and most of those were from the company's Louisville headquarters. The workers whose jobs were cut were from the company's marketing, sales, human resources and finance departments, and each were offered severance packages. The company said that more than 60 other employees changed jobs and more than 12 new positions were created.
Brown-Forman Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 31, 2015; Reaffirms Earnings Guidance for the Fiscal 2015
Mar 4 15
Brown-Forman Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2015. For the quarter, the company's net sales were $1,093 million compared with $1,078 million a year ago. Operating income was $272 million compared with $255 million a year ago. Income before income taxes was $266 million compared with $249 million a year ago. Net income was $186 million or $0.87 per diluted share compared with $177 million or $0.82 per diluted share a year ago.
For the nine months, the company's net sales were $3,149 million compared with $3,053 million a year ago. Operating income was $795 million compared with $783 million a year ago. Income before income taxes was $775 million compared with $765 million a year ago. Net income was $543 million or $2.54 per diluted share compared with $526 million or $2.45 per diluted share a year ago. Cash provided by operating activities was $375 million compared with $390 million a year ago. Additions to property, plant, and equipment were $92 million compared with $87 million a year ago.
Assuming stable global market conditions, the company is reaffirming its underlying growth outlook for fiscal 2015, including 6%-8% growth in underlying net sales and 9%-11% growth in underlying operating income. The company also expects reported results to continue to be negatively impacted by the strong appreciation of the USD compared to other currencies. After considering current spot rates versus the prior year rates, as well as the company's hedge positions, the company anticipates a mid-single digit currency headwind on reported operating income growth for the full year. This would negatively impact full year earnings per share by $0.20, compared to the $0.15 per share impact expected at the time of the second quarter earnings call. The company now expects diluted earnings per share of $3.15 to $3.25, which incorporates this incremental negative impact from foreign exchange.