By Christiana Sciaudone
Investing.com -- Brown Forman (NYSE:BFb) dropped almost 5% after results missed estimates.
Earnings per share of 27 cents was less than the estimated 32 cents on sales of $709 million, where analysts had expected $769 million, according to data compiled by Investing.com.
For fiscal 2022, the maker of Jack Daniel's forecasts mid-to-single digit growth in underlying net sales and operating income.
“We are optimistic as we look ahead, as we expect the operating environment to continue to improve” said Chief Financial Officer Jane Morreau. “We remain confident in the collective strength of our markets and should benefit from the re-opening of the on-premise channel and increase in tourism."
Underlying net sales few 6% for the fiscal fourth quarter with the tequila portfolio up 14%. Cost of sales, however, increased 22% from a year earlier.
The U.S. saw strong growth from premium bourbons and higher volumes.
Emerging markets grew underlying net sales in the mid-single digits propelled by volume gains in Brazil, Mexico, China, and Poland, partially offset by declines in tourism and trading down to lower-priced brands in some markets.