Beam tops Wall Street view, stands by full-year profit target
(Reuters) - Beam Inc (BEAM.N) posted a bigger-than-expected third-quarter profit on Friday, helped by strong demand for its bourbon, and said it still expected earnings to grow at a low double-digit percentage rate this year.
The maker of Jim Beam and Maker's Mark bourbons said fourth-quarter earnings would probably fall as it spends more on advertising during the holiday season.
Earnings from continuing operations were $91.7 million, or 57 cents per share, in the third quarter, compared with a loss of $82 million, or 53 cents per share, a year earlier.
Excluding charges and gains, Beam earned 62 cents per share from continuing operations, topping the analysts' average forecast of 55 cents, according to Thomson Reuters I/B/E/S.
- Japan expands army footprint for first time in 40 years, risks angering China
- Deadly gun attack in eastern Ukraine shakes fragile Easter truce |
- Prosecutors extend Korea ferry captain's detention as death toll mounts |
- South Korea recovers first bodies from inside sunken ferry
- South Korea recovers first bodies from inside sunken ferry |