Brown-Forman Files Q1 FY25 10-Q
Ticker: BF-B · Form: 10-Q · Filed: Aug 29, 2024 · CIK: 14693
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: BF.B
TL;DR
BF.B Q1 FY25 10-Q is in. Check financials.
AI Summary
Brown-Forman Corporation (BF.B) filed its 10-Q for the period ending July 31, 2024. The company reported financial results for the first quarter of fiscal year 2025. Key financial data and operational details for this period are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Brown-Forman, crucial for understanding the company's trajectory in the beverage industry.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.
Key Numbers
- 20240731 — End of Fiscal Quarter (The period covered by the 10-Q filing.)
- 20240829 — Filing Date (The date the 10-Q was submitted to the SEC.)
Key Players & Entities
- Brown-Forman Corp (company) — Filer of the 10-Q
- 20240731 (date) — End of the reporting period
- 20240829 (date) — Filing date
- Louisville, KY (location) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended July 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 29, 2024.
What is Brown-Forman Corporation's primary industry?
Brown-Forman Corporation is in the Beverages industry, SIC code 2080.
What is the company's fiscal year end?
The company's fiscal year ends on April 30.
What are some of the debt instruments mentioned in the filing context?
The filing context mentions 'OnePointTwoPercentNotesDueinFiscalTwoThousandTwentySevenMember' and 'TwoPointSixPercentNotesDueinFiscalTwoThousandTwentyNineMember'.
Filing Stats: 4,794 words · 19 min read · ~16 pages · Grade level 14.2 · Accepted 2024-08-29 16:14:57
Key Financial Figures
- $0.15 — istered Class A Common Stock (voting), $0.15 par value BFA New York Stock Exchange
Filing Documents
- bfb-20240731.htm (10-Q) — 1019KB
- fy25pbrsu.htm (EX-10.1) — 89KB
- fy25ssaragreement.htm (EX-10.2) — 58KB
- bfb-7312024xex311july.htm (EX-31.1) — 10KB
- bfb-7312024xex312july.htm (EX-31.2) — 10KB
- bfb-7312024xex32july.htm (EX-32) — 10KB
- 0000014693-24-000156.txt ( ) — 6443KB
- bfb-20240731.xsd (EX-101.SCH) — 40KB
- bfb-20240731_cal.xml (EX-101.CAL) — 66KB
- bfb-20240731_def.xml (EX-101.DEF) — 235KB
- bfb-20240731_lab.xml (EX-101.LAB) — 574KB
- bfb-20240731_pre.xml (EX-101.PRE) — 390KB
- bfb-20240731_htm.xml (XML) — 926KB
- 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 16
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
- OTHER INFORMATION
PART II - OTHER INFORMATION 32
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 32
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 32
Other Information
Item 5. Other Information 32
Exhibits
Item 6. Exhibits 32
- 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 July 31, 2023 2024 Sales $ 1,326 $ 1,211 Excise taxes 288 260 Net sales 1,038 951 Cost of sales 387 386 Gross profit 651 565 Advertising expenses 131 126 Selling, general, and administrative expenses 200 188 Other expense (income), net ( 7 ) ( 30 ) Operating income 327 281 Non-operating postretirement expense 1 — Interest income ( 2 ) ( 4 ) Interest expense 29 32 Income before income taxes 299 253 Income taxes 68 58 Net income $ 231 $ 195 Earnings per share: Basic $ 0.48 $ 0.41 Diluted $ 0.48 $ 0.41 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 July 31, 2023 2024 Net income $ 231 $ 195 Other comprehensive income (loss), net of tax: Currency translation adjustments 39 ( 42 ) Cash flow hedge adjustments ( 5 ) ( 2 ) Postretirement benefits adjustments 2 1 Net other comprehensive income (loss) 36 ( 43 ) Comprehensive income $ 267 $ 152 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, 2024 July 31, 2024 Assets Cash and cash equivalents $ 446 $ 416 Accounts receivable, less allowance for doubtful accounts of $ 8 at April 30 and $ 8 at July 31 769 806 Inventories: Barreled whiskey 1,490 1,541 Finished goods 452 472 Work in process 396 386 Raw materials and supplies 218 197 Total inventories 2,556 2,596 Other current assets 265 263 Total current assets 4,036 4,081 Property, plant and equipment, net 1,074 1,052 Goodwill 1,455 1,464 Other intangible assets 990 997 Eq