LOUISVILLE, Ky. (AP) – Brown-Forman Corp. said Wednesday its first-quarter net income rose sharply as the maker of Jack Daniel’s Tennessee Whiskey reported strong sales growth across its broad portfolio of brands.
Buoyed by more favorable foreign exchange trends, the Louisville, Kentucky, company raised its full-year earnings-per-share projection to a range of $1.85 to $1.95. It reaffirmed its outlook for underlying operating income growth of 6 percent to 8 percent.
The growth was driven by continued gains for Jack Daniel’s products, along with sales growth for the company’s key bourbon, tequila and vodka brands.
“We continue to foresee growth potential for our brands, most notably in American whiskey, and accordingly, we intend to invest against this opportunity with ever-improving prioritization, competitiveness, effectiveness and efficiency,” said CEO Paul Varga.
Underlying net sales grew by 5 percent in the U.S., while those sales surged by 19 percent in emerging markets, led by double-digit increases in Mexico and Poland, its two largest emerging markets, the company said. Those sales were flat in developed markets outside the U.S.