Beam 4Q profit rises 10 percent
DEERFIELD, Ill.—Spirits company Beam Inc. said Friday that its fourth-quarter net income rose 10 percent on improving sales of its major brands, new product launches and lower costs.
Beam, which makes Jim Beam bourbon, Courvoisier cognac and Sauza tequila, earned $94.1 million, or 59 cents per share, compared with $85.4 million, or 55 cents per share, a year earlier. Adjusted to exclude certain one-time items, the company said it earned 69 cents per share in the quarter.
Beam spun off from Fortune Brands Inc. in October and took the name of its flagship brand. It's the second time it has reported earnings as a standalone company.
Net sales rose 1 percent for the quarter to $637.5 million. Beam said the timing of sales, mostly due to a huge inventory reduction in Mexico in preparation for a new market distributor, cut sales during the quarter. But it said sales at its major brands and new product launches helped offset the shortfall.
Analysts expected a profit of 67 cents per share on revenue of $691.2 million.
For the full year, the company earned $917 million, or $5.81 per share. That was up 88 percent from $487.6 million, or $3.16 per share, in 2010.
Revenue rose to $2.87 billion from $2.67 billion in 2010.