Brown-Forman Corporation's stock surged 7.11% in the pre-market trading session on Wednesday after the spirits company reported better-than-expected fiscal third-quarter earnings, driven by robust demand for its premium whiskey brands.
The Louisville, Kentucky-based company reported earnings of $0.57 per share for the quarter ended January 31, surpassing analysts' expectations of $0.44 per share, according to FactSet. The strong performance was fueled by higher sales and pricing, offsetting inflationary pressures on input costs.
Brown-Forman's iconic brands, such as Jack Daniel's and Woodford Reserve, continued to gain market share in the premium whiskey segment, capitalizing on the growing consumer appetite for high-end spirits. The company's strategic initiatives, including product innovation and premiumization, also contributed to the solid financial results.
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