WASHINGTON (dpa-AFX) - While reporting financial results for the fourth quarter on Wednesday, Brown-Forman Corp. (BFA, BFB) provided earnings and underlying net sales outlook for the full-year 2020.
For fiscal 2020, the company projects earnings in a range of $1.75 to $1.85 per share on underlying net sales growth of 5 to 7 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.82 per share on net sales growth of 5.3 percent to $3.53 billion for the year. Analysts' estimates typically exclude special items.
Lawson Whiting, the company's President and Chief Executive Officer, said, 'Although tariffs and higher input costs will negatively impact our gross margins again this year, we believe we are on track to return to high single digit operating income growth as we move beyond fiscal 2020. Our growth prospects remain bright as we develop our premium spirits portfolio around the world, led by the Jack Daniel's family of brands and Woodford Reserve.'
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