Analyst Summary:
Brown-Forman Corporation (NYSE: BFA, BFB) reported strong financial results for its third quarter and nine months ended January 31, 2023. The company reported broad-based reported net sales growth across all geographic clusters and the Travel Retail channel, driven by strong consumer demand and the continued rebuilding of distributor inventories. The company's CEO stated that "We believe our business will remain robust given the premiumization of our portfolio, the health of our brands, and the resolve of our people." Brown-Forman also announced a regular cash dividend for stockholders of record. The company expects strong growth in fiscal 2023 despite global macroeconomic volatility and geopolitical uncertainties. However, fluctuations in foreign currency exchange rates, supply chain disruptions, and the negative effect of foreign exchange may impact the results. The company anticipates high-single digit organic operating income growth in fiscal 2023, as it focuses on executing its strategic priorities and investing behind its brands and people. Investors should be aware of potential risks associated with Brown-Forman being a U.S.-based company, as well as other risks related to their industry, as outlined in their quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.