Brown-Forman Q1 net profit falls; cuts FY09 EPS outlook - update
Thursday August 28, 2008 11:47:00 EDT

(RTTNews) - Alcoholic beverage company Brown-Forman Corp. (BFB, BFA) on Thursday reported a decline in its first-quarter net profit, hurt by higher costs and a one-time charge. Excluding the charge, earnings per share were up 12%. The company also trimmed its earnings outlook for fiscal 2009.

For the first quarter, the Louisville, Kentucky-based company's net income was $88.2 million, or $0.73 per share, compared with $95.4 million, or $0.77 per share, a year ago. While net income declined 8%, per share earnings were down 5%.

Operating income for the quarter was $140.6 million, a 10% decline from $155.4 million in the prior-year quarter.

The company attributed the decline in earnings and operating income to a non-cash pre-tax charge of $22 million, or $1 (continued...)