Beam 3Q Income Falls 12 Percent
(AP) — NEWS: Beam Inc., the maker of Jim Beam and Marker's Mark alcohol brands, said Thursday that its third-quarter net income fell 12 percent on weaker demand for its ready-to-drink cocktails.
DETAILS: The spirits maker, which is based in Deerfield, Ill., said that its bourbon, tequila and vodka brands did better during the quarter. It also saw a rise in sales in Europe, the Middle East and Africa.
It reported weakness in its ready-to-drink, or already mixed, brands and said U.S. distributors lowered their inventories.
In the first nine months of 2013, sales of its Basil Hayden's bourbon brand jumped 34 percent from a year ago and Maker's Mark rose 17 percent. During the same period, sales of its lower-calorie Skinnygirl brand dropped 29 percent.
NUMBERS: Net income fell to $84.8 million, or 52 cents per share, in the quarter ended Sept. 30, down from $96.2 million, or 60 cents per share, in the same quarter a year ago.
Adjusted to remove one-time charges, the company reported earnings of 59 cents per share.
Analysts expected earnings of 58 cents per share, according to FactSet.
Revenue, excluding excise taxes, fell 4.5 percent to $598.7 million to $626.7 million.
Analysts expected revenue of $622.1 million.
FUTURE: Beam expects earnings per share at the lower end of its targeted "high-single-digit growth" for the full year and a "strong fourth quarter." It did not provide specific figures.
STOCK: Shares fell 2.5 percent, or $1.70, to $6613 in morning trading.