Louisville, KY-based liquor conglomerate Brown-Forman, best known for its portfolio of American whiskey brands, recorded a $95.4M profit during the three months ending July 31. That's a $.8M increase from last year's first quarter. The company attributes the success to the world-wide demand for its mainline brands such as Jack Daniel's Tennessee Whiskey and the strong performance of its newer premium brands such as Woodford Reserve, which the company has promoted heavily this year. The value of Brown-Forman stock dipped this morning, however, because the first quarter earnings the company reported were lower than some analysts had expected.
In related news, British liquor conglomerate Diageo, which owns Guinness, as well as 26 Scotch distilleries, including Lagavulin, Oban, Talisker, Clynelish and Linkwood, reported a 22% drop in earnings for the first quarter--down to 1.49 billion pounds sterling--but Diageo stock is up a whole 2.2% this morning.
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