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VOL. 38 | NO. 9 | Friday, February 28, 2014

Jack Daniel's spikes Brown-Forman 3Q profit

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LOUISVILLE, Ky. (AP) — Liquor maker Brown-Forman Corp. says its third-quarter net income rose 12 percent on the strength of its flagship Jack Daniel's brand.

The company behind such other brands as Southern Comfort and Finlandia raised its full-year earnings outlook to a range of $2.95 and $3.05 per share, up from $2.80 to $3 per share.

Brown-Forman said Wednesday that nine-month net sales for its Jack Daniel's brand increased 8 percent when excluding currency swings.

The company reported net income of $177 million, or 82 cents per share, for the three months ending Jan. 31. That's up from $157 million, or 73 cents per share, a year ago. Quarterly net sales rose 5 percent to nearly $1.08 billion.

Analysts expected earnings of 75 cents per share on revenue of $1.08 billion.

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