May 2 Beam Inc reported
higher-than-expected first-quarter earnings on Thursday, helped
by new products and strong demand for its Maker's Mark bourbon
and Skinnygirl drinks.
Still, the maker of Jim Beam bourbon, Sauza tequila and
Pinnacle vodka stood by its full-year outlook, saying that some
of the factors that helped results earlier in the year will
reverse themselves later.
The company said it had benefited from the timing of
ingredient costs, selling a higher proportion of more-expensive
products, price increases and a shift in advertising spending to
the second and third quarters from the first quarter.
Net income in the first quarter jumped to $114.5 million, or
71 cents per share, from $79.1 million, or 49 cents per share, a
Excluding items, earnings were 64 cents per share. On that
basis, analysts on average were expecting 54 cents, according to
Thomson Reuters I/B/E/S.
Sales rose 8 percent to $577.7 million.
The company affirmed its full-year goal calling for earnings
to grow at a high single-digit percentage rate, before one-time
items, from the $2.40 per share it earned in 2012. It said it
still expected 2013 free cash flow of $300 million to $350