Brown-Forman Board (BF.A)

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Brown-Forman 1Q profit rises on lower costs
Brown-Forman 1st-quarter profit rises 38 percent on lower operating costs
On Wednesday September 2, 2009, 8:34 am EDT
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Companies:Brown-Forman Corporation
LOUISVILLE, Ky. (AP) -- The liquor company Brown-Forman Corp. says its first-quarter profit rose 38 percent as it reduced operating expenses and raised prices.

The seller of Jack Daniels Tennessee Whiskey and Korbel Champagne said Wednesday it earned $121.4 million, or 81 cents per share, in the three months ended July 31. That compares to $88.2 million, or 58 cents per share, a year earlier.

Analysts had expected much lower earnings of 62 cents per share but typically exclude one-time items.

Brown Forman says revenue fell 7 percent to $737.9 million. That is below analysts's expectations of $753 million.

The company is reaffirming its full-year profit forecast of $2.60 to $3 per share.