Brown-Forman Cop. said Wednesday its second-quarter net income fell 4% to $236 million, or 49 cents a share, from $227 million, or 47 cents a share, in the year-ago quarter. Revenue increased by 10% to $994 million, while the cost of sales rose 19%. The maker of Jack Daniels and other spirits was expected to earn 55 cents a share on revenue of $1.08 billion, according to analyst estimates compiled by FactSet. Looking ahead, Brown-Forman said it expects fiscal 2023 organic sales growth in the high single-digit range, “reflecting the strength of our portfolio of brands, stronger consumer demand, and the easing of supply chain constraints.” Brown Forman shares fell 0.9% in premarket trades.
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