Brown-Forman Corp. Files 10-Q for Period Ending January 31, 2024
Ticker: BF-B · Form: 10-Q · Filed: Mar 6, 2024 · CIK: 14693
Sentiment: neutral
Topics: 10-Q, Brown-Forman, Financial Report, Fiscal Year 2024, Securities
TL;DR
<b>Brown-Forman Corp. filed its Q3 2024 10-Q, detailing financial instruments and stock information.</b>
AI Summary
BROWN FORMAN CORP (BF-B) filed a Quarterly Report (10-Q) with the SEC on March 6, 2024. Brown-Forman Corp. filed a 10-Q report for the period ending January 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on April 30th. Key financial instruments mentioned include various notes with different interest rates and maturity dates. The filing details common stock and non-voting common stock information.
Why It Matters
For investors and stakeholders tracking BROWN FORMAN CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial performance and position of Brown-Forman Corp. for the third quarter of fiscal year 2024. Understanding the details of their debt instruments and equity structure is crucial for assessing the company's financial health and investment potential.
Risk Assessment
Risk Level: low — BROWN FORMAN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, indicating a routine disclosure.
Analyst Insight
Monitor future 10-Q filings for revenue growth, net income trends, and any changes in debt structure.
Key Numbers
- 20240131 — Period End Date (CONFORMED PERIOD OF REPORT)
- 20240306 — Filing Date (FILED AS OF DATE)
- 2024 Q3 — Reporting Quarter (Reporting Quarter)
- 04/30 — Fiscal Year End (Fiscal Year End)
Key Players & Entities
- BROWN FORMAN CORP (company) — FILER
- 20240131 (date) — CONFORMED PERIOD OF REPORT
- 20240306 (date) — FILED AS OF DATE
- LOUISVILLE (location) — BUSINESS ADDRESS CITY
- KY (location) — BUSINESS ADDRESS STATE
- 40210 (postal_code) — BUSINESS ADDRESS ZIP
- 0000014693-24-000016 (accession_number) — ACCESSION NUMBER
- BF-B (ticker) — ticker
FAQ
When did BROWN FORMAN CORP file this 10-Q?
BROWN FORMAN CORP filed this Quarterly Report (10-Q) with the SEC on March 6, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BROWN FORMAN CORP (BF-B).
Where can I read the original 10-Q filing from BROWN FORMAN CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BROWN FORMAN CORP.
What are the key takeaways from BROWN FORMAN CORP's 10-Q?
BROWN FORMAN CORP filed this 10-Q on March 6, 2024. Key takeaways: Brown-Forman Corp. filed a 10-Q report for the period ending January 31, 2024.. The filing covers the third quarter of fiscal year 2024.. The company's fiscal year ends on April 30th..
Is BROWN FORMAN CORP a risky investment based on this filing?
Based on this 10-Q, BROWN FORMAN CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, indicating a routine disclosure.
What should investors do after reading BROWN FORMAN CORP's 10-Q?
Monitor future 10-Q filings for revenue growth, net income trends, and any changes in debt structure. The overall sentiment from this filing is neutral.
How does BROWN FORMAN CORP compare to its industry peers?
Brown-Forman Corporation operates in the alcoholic beverage industry, a sector characterized by established brands, global distribution, and evolving consumer preferences.
Are there regulatory concerns for BROWN FORMAN CORP?
As a publicly traded company, Brown-Forman is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.
Industry Context
Brown-Forman Corporation operates in the alcoholic beverage industry, a sector characterized by established brands, global distribution, and evolving consumer preferences.
Regulatory Implications
As a publicly traded company, Brown-Forman is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.
What Investors Should Do
- Review the full 10-Q filing for detailed financial statements and management discussion.
- Analyze the specific debt instruments mentioned for their terms and impact on the company's leverage.
- Compare the reported figures with previous quarters and the same period last year to identify trends.
Key Dates
- 2024-01-31: Period End Date — End of the third fiscal quarter for 2024.
- 2024-03-06: Filing Date — Date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial 10-Q filing for the period ending January 31, 2024, and a direct comparison to a prior period within this filing is not applicable.
Filing Stats: 4,929 words · 20 min read · ~16 pages · Grade level 15.3 · Accepted 2024-03-06 16:59:56
Key Financial Figures
- $0.15 — istered Class A Common Stock (voting), $0.15 par value BFA New York Stock Exchange
Filing Documents
- bfb-20240131.htm (10-Q) — 1399KB
- bfb-1312024xex311january.htm (EX-31.1) — 10KB
- bfb-1312024xex312january.htm (EX-31.2) — 10KB
- bfb-1312024xex32january.htm (EX-32) — 10KB
- 0000014693-24-000016.txt ( ) — 7832KB
- bfb-20240131.xsd (EX-101.SCH) — 47KB
- bfb-20240131_cal.xml (EX-101.CAL) — 96KB
- bfb-20240131_def.xml (EX-101.DEF) — 294KB
- bfb-20240131_lab.xml (EX-101.LAB) — 555KB
- bfb-20240131_pre.xml (EX-101.PRE) — 406KB
- bfb-20240131_htm.xml (XML) — 1463KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 3
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 35
Controls and Procedures
Item 4. Controls and Procedures 36
- OTHER INFORMATION
PART II - OTHER INFORMATION 37
Legal Proceedings
Item 1. Legal Proceedings 37
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 37
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 37
Other Information
Item 5. Other Information 37
Exhibits
Item 6. Exhibits 38
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) BROWN-FORMAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions, except per share amounts) Three Months Ended Nine Months Ended January 31, January 31, 2023 2024 2023 2024 Sales $ 1,406 $ 1,406 $ 4,078 $ 4,137 Excise taxes 325 337 896 923 Net sales 1,081 1,069 3,182 3,214 Cost of sales 457 434 1,323 1,257 Gross profit 624 635 1,859 1,957 Advertising expenses 141 143 372 414 Selling, general, and administrative expenses 186 203 541 595 Other expense (income), net 124 ( 84 ) 117 ( 91 ) Operating income 173 373 829 1,039 Non-operating postretirement expense 27 1 27 2 Interest income ( 2 ) ( 3 ) ( 7 ) ( 7 ) Interest expense 24 33 61 93 Income before income taxes 124 342 748 951 Income taxes 24 57 172 193 Net income $ 100 $ 285 $ 576 $ 758 Earnings per share: Basic $ 0.21 $ 0.60 $ 1.20 $ 1.59 Diluted $ 0.21 $ 0.60 $ 1.20 $ 1.58 See notes to the condensed consolidated financial statements. 3 BROWN-FORMAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in millions) Three Months Ended Nine Months Ended January 31, January 31, 2023 2024 2023 2024 Net income $ 100 $ 285 $ 576 $ 758 Other comprehensive income (loss), net of tax: Currency translation adjustments 119 75 108 10 Cash flow hedge adjustments ( 34 ) ( 10 ) ( 24 ) ( 3 ) Postretirement benefits adjustments 6 1 10 4 Net other comprehensive income (loss) 91 66 94 11 Comprehensive income $ 191 $ 351 $ 670 $ 769 See notes to the condensed consolidated financial statements. 4 BROWN-FORMAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in millions, except per share amounts) April 30, 2023 January 31, 2024 Assets Cash and cash equivalents $ 374 $ 589 Accounts receivable, less allowance for doubtful accounts of $ 7 at April 30 and $ 7 at January 31 855 878 Inventories: