Jack Daniel's Parent Brown-Forman Tempers FY24 Expectations Amid Challenging Macro; Stock Tanks
Portfolio Pulse from Shivani Kumaresan
Brown-Forman Corp (NYSE:BF) reported a Q3 FY24 sales decline of 1.1% Y/Y to $1.07 billion, missing estimates. EPS of $0.60 beat estimates. The company expanded its gross and operating margins significantly, but tempered FY24 expectations due to a challenging operating environment, leading to a 9.87% drop in BF-A shares.
March 06, 2024 | 5:42 pm
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NEGATIVE IMPACT
Brown-Forman Corp's BF-A shares fell 9.87% after reporting a Q3 FY24 sales decline and tempering FY24 expectations.
The decline in BF-A shares is directly attributed to the reported sales decline and the company's tempered expectations for FY24, indicating a challenging operating environment. This news impacts investor sentiment negatively, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100