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Paul Varga

Brown-Forman Profit Up 19%, Reaffirms Outlook

Wine-and-liquor company Brown-Forman Corp. on Wednesday said fiscal second-quarter net income rose to $206 million, or 96 cents a share, versus $173 million, or 80 cents, in the same period a year earlier. The maker of Jack Daniel's Tennessee Whiskey and other spirits said sales rose 6% to $1.08 billion. Analysts surveyed by FactSet had forecast earnings of 90 cents a share on sales of $1.11 billion. "Fueled by the Jack Daniel's trademark, the company's second-quarter and first-half results were very strong. We continued to generate an excellent balance of geographic growth, including strong growth in the emerging markets," said Chief Executive Paul Varga. The company said it continues to anticipate high-single digit growth in underlying sales and a 9% to 11% rise in underlying operating income, which would result in diluted earnings of $2.80 to $3 a share. Brown-Forman shares ended Tuesday at $73.72.Copyright © 2013 MarketWatch, Inc....

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