Brown-Forman Corp (NYSE:BF.B), maker of Jack Daniel’s Tennessee whiskey, rallied more than 10% on the New York Stock Exchange after the distiller reported its first-half financial results.
Although sales saw a small year-on-year decline, they match previously set targets and a return to growth is anticipated.
Second-quarter net sales fell by 1% year-on-year to $1.1 billion, while operating income rose by 1% to $341 million.
Diluted earnings per share increased by 9% to $0.55.
For the six-month period, Brown-Forman reported a 5% drop in net sales to $2 billion while operating income decreased by 7% to $622 million.
"Despite challenging economic conditions, our results for the first half of the fiscal year were in line with our expectations, and we anticipate a return to growth in fiscal 2025," said president and chief executive Lawson Whiting.
Brown-Forman announced a 4% increase, marking the 41st consecutive annual increase.
Shares were swapping for $45.19 at the time of writing.