DETROIT (Reuters) - Brown-Forman Corp <BFb.N>, the maker of Jack Daniel's whiskey, posted a stronger-than-expected 30 percent increase in quarterly profit helped by strong demand in emerging markets and raised its full-year outlook.
Net income was $140.7 million, or 96 cents a share, in the fiscal third quarter, compared with $107.9 million, or 73 cents a share, a year earlier. Analysts polled by Thomson Reuters I/B/E/S had expected 86 cents.
Overall net sales rose 12 percent from last year to $962.4 million, above the $877 million analysts had expected.
Brown-Forman also raised its full-year profit outlook to a range of $3.35 to $3.45 a share, excluding one-time items.
In December, it raised its forecast to a range of $3.18 to $3.42 a share. Analysts were expecting $3.31.
The company repeated its forecast of operating income growth in the mid-single digits in fiscal 2011.
The company said earlier this month that it agreed to sell its Fetzer winery to Chile's Concha y Toro <CHT.SN> to focus on higher-margin spirits. It said the sale -- expected to close in April -- would boost 2011 earnings 20 cents to 30 cents per share.
(Reporting by Ben Klayman in Detroit, Editing by Maureen Bavdek and Derek Caney)