Brown Forman Corp. Q3 FY2024 results: revenue $1.1 billion, down 1.1% on the year

Brown Forman Corp. (BF.B) reported revenue of $1.1 billion for Q3 FY2024, the quarter ended 31 January 2024, down 1.1% on the same quarter a year earlier. Net income was $285 million, up 185.0% on the year, and diluted earnings per share $0.60. The figures are the company's own, from the 10-Q it filed with the SEC on 6 March 2024.

Revenue$1.1 billiondown 1.1%

Net income$285 millionup 185.0%

Diluted EPS$0.60

QuarterQ3 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	1,069	1,107	n/a	n/a
Cost of revenue	434	436	n/a	n/a
Gross profit	635	671	n/a	n/a
Gross margin	59.4%	60.6%	n/a
Selling, general and administrative	203	192	n/a	n/a
Operating income	373	339	n/a	n/a
Operating margin	34.9%	30.6%	n/a
Interest expense	33.0	31.0	n/a	n/a
Pre-tax income	342	310	n/a	n/a
Income tax	57.0	68.0	n/a	n/a
Effective tax rate	16.7%	21.9%	n/a
Net income	285	242	n/a	n/a
Net margin	26.7%	21.9%	n/a
Diluted EPS	$0.60	$0.50	n/a	n/a

$ million except per share. 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. 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	265	59.0	n/a	n/a
Capital expenditure	69.0	30.0	n/a	n/a
Free cash flow	196	29.0	n/a	n/a
Free cash flow margin	18.3%	2.6%	n/a
Depreciation and amortisation	25.0	20.0	n/a	n/a
Share-based compensation	7.0	7.0	n/a	n/a
Buybacks	358	n/a	n/a	n/a
Dividends paid	103	98.0	n/a	n/a
Diluted shares, weighted	476m	480m	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	8,237	8,115	n/a	n/a
Cash and equivalents	589	373	n/a	n/a
Receivables	878	948	n/a	n/a
Inventory	2,529	2,585	n/a	n/a
Goodwill	1,464	1,461	n/a	n/a
Long-term debt	2,678	2,654	n/a	n/a
Shareholders' equity	3,245	3,454	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,107	1,069	964	951	1,095	1,035	894	924	1,036	1,056	912	911
Cost of revenue	436	434	395	386	449	416	381	372	421	416	341	362
Gross profit	671	635	569	565	646	619	513	552	615	640	571	549
Gross margin	61%	59%	59%	59%	59%	60%	57%	60%	59%	61%	63%	60%
SG&A	192	203	231	188	187	178	191	177	187	184	259	185
Operating income	339	373	375	281	341	280	205	260	305	340	96.0	252
Operating margin	31%	35%	39%	30%	31%	27%	23%	28%	29%	32%	11%	28%
Interest expense	31.0	33.0	34.0	32.0	32.0	31.0	27.0	25.0	26.0	26.0	26.0	25.0
Pre-tax income	310	342	347	253	313	332	183	220	279	315	71.0	229
Tax rate	22%	17%	23%	23%	18%	19%	20%	23%	20%	15%	24%	23%
Net income	242	285	266	195	258	270	146	170	224	267	54.0	176
Net margin	22%	27%	28%	21%	24%	26%	16%	18%	22%	25%	6%	19%
Diluted EPS	$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 flow	59.0	265	285	17.0	112	317	152	160	132	417	291	173
Capital expenditure	30.0	69.0	80.0	41.0	31.0	45.0	50.0	31.0	25.0	25.0	26.0	12.0
Free cash flow	29.0	196	205	-24.0	81.0	272	102	129	107	392	265	161
Buybacks	n/a	358	n/a	n/a	n/a	0.0	n/a	n/a	n/a	301	n/a	n/a
Dividends paid	98.0	103	104	103	103	107	107	107	107	107	106	106
Shares outstanding	n/a	n/a	473m	n/a	n/a	n/a	473m	n/a	n/a	n/a	n/a	n/a
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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. 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.

Source

10-Q for the period ended 31 January 2024, filed 6 March 2024, accession 0000014693-24-000016: the filing on EDGAR. All of Brown Forman Corp.'s filings: EDGAR company page.

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