AI English summary of an SEC filing — figures as filed
Brown-Forman BF.BThe company said fiscal 2024 reported net sales fell to $4.2 billion, down $50 million (1%). Over the same period, reported gross profit was $2.5 billion, and gross margin rose 1.5 percentage points from 59.0% in fiscal 2023 to 60.5%.
Key points
AI summaryThe company said fiscal 2024 reported net sales fell to $4.2 billion, down $50 million (1%). Over the same period, reported gross profit was $2.5 billion, and gross margin rose 1.5 percentage points from 59.0% in fiscal 2023 to 60.5%.
The company said fiscal 2024 reported operating income rose to $1.4 billion, up $287 million (25%), and operating margin was 33.8% (up from 26.7%). It included the $92 million pre-tax gain on the sale of the Finlandia vodka business and the $175 million pre-tax gain on the sale of the Sonoma-Cutrer wine business among the factors that increased it.
The company said operating cash flow in fiscal 2024 was $647 million, up $7 million, and that it received $246 million in proceeds from the sales of Finlandia and Sonoma-Cutrer. $400 million under its share repurchase program, it bought 175,632 Class A shares and 6,736,658 Class B shares and completed the program in December 2023.
The company said interest expense (net) in fiscal 2024 rose $32 million (40%), and attributed this to higher average debt balances and higher average interest rates. The effective tax rate was 21.2%, lower than the 23.0% in fiscal 2023, and diluted EPS was $2.14.
Key figures
Fiscal year ended April 30, 2024
- Revenue
- $4.2B
- Operating income
- $1.4B
- Net income
- $1.0B
- EPS
- $2.14
- Gross profit
- $2.5B
- Operating cash flow
- $647M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Reported net sales, gross margin
The company said fiscal 2024 reported net sales fell to $4.2 billion, down $50 million (1%). Over the same period, reported gross profit was $2.5 billion, and gross margin rose 1.5 percentage points from 59.0% in fiscal 2023 to 60.5%.
Source · Based on the MD&A text of the filing
Operating income $1.4 billion, gain on sale
The company said fiscal 2024 reported operating income rose to $1.4 billion, up $287 million (25%), and operating margin was 33.8% (up from 26.7%). It included the $92 million pre-tax gain on the sale of the Finlandia vodka business and the $175 million pre-tax gain on the sale of the Sonoma-Cutrer wine business among the factors that increased it.
Source · Based on the MD&A text of the filing
Cash flow and share repurchases
The company said operating cash flow in fiscal 2024 was $647 million, up $7 million, and that it received $246 million in proceeds from the sales of Finlandia and Sonoma-Cutrer. $400 million under its share repurchase program, it bought 175,632 Class A shares and 6,736,658 Class B shares and completed the program in December 2023.
Source · Based on the MD&A text of the filing
Net interest expense and effective tax rate
The company said interest expense (net) in fiscal 2024 rose $32 million (40%), and attributed this to higher average debt balances and higher average interest rates. The effective tax rate was 21.2%, lower than the 23.0% in fiscal 2023, and diluted EPS was $2.14.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…