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posted: 2/5/2014 2:50 PM

Beam 4Q adj. profit, revenue top Street's view

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  • The Deerfield-based liquor company Beam, which is being acquired by Japanese beverage company Suntory Holdings Ltd. in a $13.62 billion deal, said Wednesday that its fourth-quarter net income declined 19 percent, hurt partly from higher income taxes and a charge.

      The Deerfield-based liquor company Beam, which is being acquired by Japanese beverage company Suntory Holdings Ltd. in a $13.62 billion deal, said Wednesday that its fourth-quarter net income declined 19 percent, hurt partly from higher income taxes and a charge.
    ASSOCIATED PRESS

 
Associated Press

The Deerfield-based liquor company Beam, which is being acquired by Japanese beverage company Suntory Holdings Ltd. in a $13.62 billion deal, said Wednesday that its fourth-quarter net income declined 19 percent, hurt partly from higher income taxes and a charge.

Its adjusted results and revenue topped analysts' estimates.

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Beam Inc., which makes classic American whiskeys Jim Beam and Maker's Mark and other spirits, agreed to the Suntory acquisition last month. Suntory will pay $83.50 per share. The companies put the transaction's value at about $16 billion, including debt.

Beam said Wednesday that the deal is still on track to close in the second quarter.

For the three months ended Dec. 31, Beam earned $90.3 million, or 55 cents per share, down from $110.9 million, or 69 cents per share, a year earlier.

Excluding the impairment of a trade name in Spain and other items, income from continuing operations was 77 cents per share. Analysts surveyed by FactSet forecast 72 cents per share.

Income taxes jumped to $31 million from $5.7 million.

Revenue, excluding excise taxes, rose 4 percent to $739.5 million from $709.2 million. Wall Street expected $734.3 million.

Full-year net income fell 6 percent to $362.5 million, or $2.22 per share, from $385.2 million, or $2.40 per share, in the prior year.

Adjusted income from continuing operations was $2.63 per share.

Annual revenue, excluding excise taxes, climbed 4 percent to $2.55 billion from $2.46 billion.

Beam's stock shed 6 cents to $83.09 in morning trading.

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