Beam reports lower quarterly earnings

Beam Inc reported lower quarterly earnings, excluding items, due to a 20 per cent increase in how much it spent to advertise its alcoholic drinks during the key holiday season.

On a net basis, the maker of Jim Beam, Maker's Mark and Knob Creek bourbons said that earnings were $126.3 million (€92.7 million), or 79 cents per share, in the fourth quarter, up from $88.5 million, or 56 cents per share, a year earlier.

Excluding special items, earnings fell 3 per cent to 67 cents per share, the company said.

Beam bought the Cooley Distillery last year in a deal worth €72 million.

Reuters