Brown-Forman (NYSE:BF-B) shares fell around 7% since the company’s reported Q3 results on Wednesday. Net sales grew 4% year-over-year to $1.1 billion (up 5% on an organic basis). Diluted EPS decreased 61% to $0.21, driven primarily by the decrease in reported operating income and a $27 million pension settlement charge.
The company expects an increase in organic net sales growth in the range of 8%-10% for the full year, given the strong demand, the normalization of inventory levels, and the sustained strength of its brand portfolio. The company sees a high-single-digit growth in organic operating income.