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Brown Forman (BF.B) Q2 FY2022 earnings: revenue $994 million, up 0.9% on the year

Brown Forman Corp. (BF.B) reported revenue of $994 million for Q2 FY2022, the quarter ended 31 October 2021, up 0.9% on the same quarter a year earlier as this quarter's filing gives it. Net income was $236 million, down 1.7% on the year as this quarter's filing gives it, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 8 December 2021.

Revenue
$994 million
+0.9% on the year · +9.7% on the quarter
Q3 FY2020Q2 FY2022
Operating margin
32.4%
33.5% a year earlier
Q3 FY2020Q2 FY2022
Net income
$236 million
-1.7% on the year · +22.9% on the quarter
Q3 FY2020Q2 FY2022
Diluted EPS
$0.49
-2.0% on the year · +22.5% on the quarter
Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Revenue994906985+9.7%+0.9%
Cost of revenue404n/an/a
Gross profit590n/an/a
Gross margin59.4%n/an/a
Selling, general and administrative165n/an/a
Operating income322289330+11.4%-2.4%
Operating margin32.4%31.9%33.5%
Interest expense20.0n/an/a
Pre-tax income301n/an/a
Income tax65.0n/an/a
Effective tax rate21.6%n/an/a
Net income236192240+22.9%-1.7%
Net margin23.7%n/an/a
Diluted EPS$0.49$0.40$0.50+22.5%-2.0%
$ 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

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Operating cash flow150n/an/a
Capital expenditure19.0n/an/a
Free cash flow131n/an/a
Free cash flow margin13.2%n/an/a
Cash from investing-20.0n/an/a
Cash from financing-221n/an/a
Depreciation and amortisation21.019.020.0+10.5%+5.0%
Share-based compensation3.0n/an/a
Dividends paid86.0n/an/a
Diluted shares, weighted481m481m481m-0.0%-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Shareholders' equity2,9232,6832,403+8.9%+21.6%
Debt2,3502,5012,309-6.0%+1.8%
Other liabilities1,343n/an/a
Total liabilities and equity6,616n/an/a
Fixed assets813n/an/a
Goodwill776n/an/a
Intangible assets663n/an/a
Cash and equivalents1,0731,172964-8.4%+11.3%
Receivables933n/an/a
Inventory1,793n/an/a
Other assets565n/an/a
Total assets6,616n/an/a

Questions

What was Brown Forman's revenue in Q2 FY2022?

Brown Forman (BF.B) reported revenue of $994 million for Q2 FY2022, the quarter ended 31 October 2021, up 0.9% on the same quarter a year earlier as the company restated it.

How much did Brown Forman earn in Q2 FY2022?

Net income for Q2 FY2022 was $236 million, down 1.7% on the year, and diluted earnings per share $0.49.

When did Brown Forman report Q2 FY2022 results?

Brown Forman filed its 10-Q for the quarter ended 31 October 2021 with the SEC on 8 December 2021.

Quarterly results, the last 20 quarters

Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 * †Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027
Revenue9941,0379961,0071,0941,0811,0461,0381,1071,0699649511,0951,0358949241,0361,056912911
Cost of revenue404415370385481457411387436434395386449416381372421416341362
Gross profit590622626622613624635651671635569565646619513552615640571549
Gross margin59%60%63%62%56%58%61%63%61%59%59%59%59%60%57%60%59%61%63%60%
SG&A165162195175180186201200192203231188185178193177187184259185
Operating income32234724634331317329832733937337528134128020526030534096.0252
Operating margin32%33%25%34%29%16%28%32%31%35%39%30%31%27%23%28%29%32%11%28%
Interest expense20.020.021.019.018.024.029.029.031.033.034.032.032.031.027.025.026.026.026.025.0
Pre-tax income30132821632629812426929931034234725331333218322027931571.0229
Tax rate22%21%30%24%24%19%23%23%22%17%23%23%18%19%20%23%20%15%24%23%
Net income23625915124922710020723124228526619525827014617022426754.0176
Net margin24%25%15%25%21%9%20%22%22%27%28%21%24%26%16%18%22%25%6%19%
Diluted EPS$0.49$0.54$0.31$0.52$0.47$0.21$0.43$0.48$0.50$0.60$0.56$0.41$0.55$0.57$0.31$0.36$0.47$0.58$0.12$0.38
Operating cash flow15034825317314394.023038.059.026528517.0112317152160132417291173
Capital expenditure19.029.076.033.028.055.067.049.030.069.080.041.031.045.050.031.025.025.026.012.0
Free cash flow13131917714011539.0163-11.029.0196205-24.081.0272102129107392265161
Buybacksn/an/an/an/an/a0.0n/an/an/a358n/an/an/a0.0n/an/an/a301n/an/a
Dividends paid86.056990.090.090.099.099.099.098.0103104103103107107107107107106106
Shares outstandingn/an/a479mn/an/an/a479mn/an/an/a473mn/a473m473m473m473m463m459m459m459m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 October 2021, filed 8 December 2021: the filing.