Brown-Forman Corporation Class B (NYSE:BF.B) stock fell 1.88% (As on March 7, 11:25:24 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 24. The operating income increased 116% to $373 million (+5% on an organic basis). The reported net sales growth in Emerging markets and the Travel Retail channel was partially offset by declines in Developed International markets and the United States. Year to Date 2024 the recently acquired brands, Gin Mare and Diplomatico, drove the significant increase in the Rest of Portfolio’s reported net sale growth of 79% (+11% organic) led by the Developed International markets and the United States. The Ready-to-Drink (RTD) portfolio continued to deliver growth as consumer demand for convenience and flavor remained strong. New Mix’s reported net sales increased 34% (+17% organic) fueled by higher prices and the positive effect of foreign exchange. Reported net sales of Jack Daniel’s RTD/RTP portfolio increased 1% (+1% organic) driven by the continued launch of the Jack Daniel’s & Coca-Cola RTD. This growth was largely offset by lower volumes of Jack Daniel’s & Cola RTD, due to the transition to Jack Daniel’s & Coca-Cola in several markets. The reported net sales for the Tequila portfolio were flat (-3% organic). el Jimador delivered reported net sales growth of 5% (+4% organic) led by higher prices, particularly in the United States, partially offset by lower volumes in Mexico and the United States. Herradura’s reported net sales declined 7% (-10% organic) due to lower volumes in the United States, partially offset by the positive effect of foreign exchange.

BF.B in the third quarter of FY 24 has reported the adjusted earnings per share of 60 cents, beating the analysts’ estimates for the adjusted earnings per share of 56 cents, according to Zacks Investment Research. The company had reported 1 percent decline in the adjusted revenue growth to $1.07 billion in the third quarter of FY 24, missing the analysts’ estimates for revenue of $1.13 billion.

Additionally, the company authorized the repurchase of up to $400 million of outstanding shares of Class A and Class B common stock from October 2, 2023, through October 1, 2024, subject to market and other conditions. As of December 31, 2023, the program was completed. The company has declared a regular quarterly cash dividend of $0.2178 per share on its Class A and Class B common stock.