- Brown-Forman press release (NYSE:BF.B): Third quarter GAAP earnings per share of $0.60 beats by $0.03.
- Revenue of $1.07 billion (-1.0% y/y) $50 million short (-2% on an organic basis).
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Fiscal outlook for 2024
The operating environment continues to be challenging after two years of double-digit headcount growth in net sales. As global macroeconomic conditions evolve and industry trends normalize, we are tempering our expectations. As a result, we now expect the following for fiscal 2024:
- Organic net sales will be stable, reflecting slower-than-expected growth for the nine months ended January 31, 2024.
- Based on the above organic net sales growth forecast and our expectation of gross margin improvement, we expect organic operating income growth to be between 0% and 2%.
- We expect our 2024 effective tax rate to be approximately 20% to 22%.
- Capital expenditures are now expected to be between $230 million and $240 million.