March 7, 2012 / 1:57 PM / in 6 years

UPDATE 1-Brown-Forman profit down as sales miss

March 7 (Reuters) - Jack Daniel’s parent Brown-Forman Corp reported a smaller third-quarter profit on lower than expected sales of its alcoholic beverages.

Net sales slipped 0.4 percent to $959 million in the three months ended Jan. 31, missing Wall Street forecasts of $1 billion, according to I/B/E/S.

But excluding the impact of items such as currency exchange and its exit from a wine business, sales rose 7 percent.

Net income came to $133.1 million, or 93 cents per share, during the quarter, down from $140.7 million, or 96 cents per share, a year earlier.

Brown-Forman, whose other brands include Southern Comfort and Finlandia, cited strong gains in markets such as Germany, Russia and Canada, compared with weaker performances in markets such as China and Greece.

Brown Foreman said it expects full-year earnings of between $3.50 per share and $3.65 per share, compared with the $3.65 per share analysts are projecting.

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