Brown Forman (BF.B) FY2018 results: revenue $3.2 billion, up 8.5% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.2 billion for fiscal 2018, the year ended 30 April 2018, up 8.5% on the year before. Net income was $717 million, up 7.2%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 13 June 2019.
Revenue
$3.2 billion
+8.5% on the year
FY2011FY2018
Operating margin
32.3%
33.7% a year earlier
FY2011FY2018
Net income
$717 million
+7.2% on the year
FY2011FY2018
Diluted EPS
$1.48
+8.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,248
2,994
4,011
+8.5%
Cost of revenue
1,046
973
945
+7.5%
Gross profit
2,202
2,021
2,144
+9.0%
Gross margin
67.8%
67.5%
53.5%
Selling, general and administrative
765
657
688
+16.4%
Operating income
1,048
1,010
1,533
+3.8%
Operating margin
32.3%
33.7%
38.2%
Interest expense
68.0
59.0
46.0
+15.3%
Pre-tax income
977
933
1,489
+4.7%
Income tax
260
264
422
-1.5%
Effective tax rate
26.6%
28.3%
28.3%
Net income
717
669
1,067
+7.2%
Net margin
22.1%
22.3%
26.6%
Diluted EPS
$1.48
$1.37
$2.09
+8.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
653
656
524
-0.5%
Capital expenditure
127
112
108
+13.4%
Free cash flow
526
544
416
-3.3%
Free cash flow margin
16.2%
18.2%
10.4%
Cash from investing
-149
-439
433
Cash from financing
-466
-285
-1,060
Depreciation and amortisation
64.0
58.0
56.0
+10.3%
Share-based compensation
19.0
14.0
15.0
+35.7%
Buybacks
1.0
561
1,107
-99.8%
Dividends paid
773
274
266
+182.1%
Dividend per share
$1.61
$0.56
$0.52
+185.1%
Diluted shares, weighted
484m
488m
511m
-0.8%
Shares outstanding at period end
481m
480m
494m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,316
1,370
1,562
-3.9%
Debt
2,556
2,149
1,501
+18.9%
Other liabilities
1,104
1,106
1,120
-0.2%
Total liabilities and equity
4,976
4,625
4,183
+7.6%
Fixed assets
780
713
629
+9.4%
Goodwill
763
753
590
+1.3%
Intangible assets
670
641
595
+4.5%
Cash and equivalents
239
182
263
+31.3%
Receivables
639
557
559
+14.7%
Inventory
1,379
1,270
1,054
+8.6%
Other assets
506
509
493
-0.6%
Total assets
4,976
4,625
4,183
+7.6%
10-K for the year ended 30 April 2018, filed 13 June 2019: the filing.