Brown Forman (BF.B) FY2019 results: revenue $3.3 billion, up 2.3% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.3 billion for fiscal 2019, the year ended 30 April 2019, up 2.3% on the year before. Net income was $835 million, up 16.5%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 June 2019.
Revenue
$3.3 billion
+2.3% on the year
FY2012FY2019
Operating margin
34.4%
32.3% a year earlier
FY2012FY2019
Net income
$835 million
+16.5% on the year
FY2012FY2019
Diluted EPS
$1.73
+16.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,324
3,248
2,994
+2.3%
Cost of revenue
1,158
1,046
973
+10.7%
Gross profit
2,166
2,202
2,021
-1.6%
Gross margin
65.2%
67.8%
67.5%
Selling, general and administrative
641
765
657
-16.2%
Operating income
1,144
1,048
1,010
+9.2%
Operating margin
34.4%
32.3%
33.7%
Interest expense
88.0
68.0
59.0
+29.4%
Pre-tax income
1,042
977
933
+6.7%
Income tax
207
260
264
-20.4%
Effective tax rate
19.9%
26.6%
28.3%
Net income
835
717
669
+16.5%
Net margin
25.1%
22.1%
22.3%
Diluted EPS
$1.73
$1.48
$1.37
+16.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
800
653
656
+22.5%
Capital expenditure
119
127
112
-6.3%
Free cash flow
681
526
544
+29.5%
Free cash flow margin
20.5%
16.2%
18.2%
Cash from investing
-119
-149
-439
Cash from financing
-599
-466
-285
Depreciation and amortisation
72.0
64.0
58.0
+12.5%
Share-based compensation
14.0
19.0
14.0
-26.3%
Buybacks
207
1.0
561
+20,600.0%
Dividends paid
310
773
274
-59.9%
Dividend per share
$0.65
$1.61
$0.56
-59.7%
Diluted shares, weighted
482m
484m
488m
-0.5%
Shares outstanding at period end
477m
481m
480m
-0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,647
1,316
1,370
+25.2%
Debt
2,440
2,556
2,149
-4.5%
Other liabilities
1,052
1,104
1,106
-4.7%
Total liabilities and equity
5,139
4,976
4,625
+3.3%
Fixed assets
816
780
713
+4.6%
Goodwill
753
763
753
-1.3%
Intangible assets
645
670
641
-3.7%
Cash and equivalents
307
239
182
+28.5%
Receivables
609
639
557
-4.7%
Inventory
1,520
1,379
1,270
+10.2%
Other assets
489
506
509
-3.4%
Total assets
5,139
4,976
4,625
+3.3%
10-K for the year ended 30 April 2019, filed 13 June 2019: the filing.