Brown-Forman (BF.B) shares surged 5.21% during intraday trading on Thursday, marking a significant reversal from earlier declines.
The spirits maker reported fiscal fourth-quarter earnings that fell short of analyst expectations but delivered revenue that exceeded forecasts. Brown-Forman posted earnings of $0.12 per diluted share, compared with $0.31 a year earlier and well below the FactSet consensus estimate of $0.33.
However, revenue for the quarter came in at $912 million, up from $894 million a year ago and beating the FactSet estimate of $878.1 million. The stock initially fell more than 1% following the earnings release but subsequently reversed course sharply higher as investors appeared to focus on the revenue beat and growth.