Company Encouraged by Continued Marketplace Momentum
Beam Inc. (NYSE: BEAM), a leading global premium spirits company, today reaffirmed its earnings target for 2012.
In remarks prepared for delivery today at the Bank of America Merrill Lynch Consumer & Retail Conference, Matt Shattock, president and chief executive officer of Beam, said: “We’re pleased that the marketplace momentum we discussed a month ago is continuing, driven partly by sustained share gains for our industry-leading bourbon portfolio and strong initial reception for our latest innovations. Our encouraging start to the year reinforces our confidence in our target to grow diluted EPS before charges/gains at a high-single-digit rate in 2012.” The company’s earnings growth goal compares to adjusted pro forma diluted EPS of $2.12 in 2011.
At the conference, Shattock will also update investors on the company’s growth strategy, including global expansion in the growing bourbon category, development of the company’s Power Brands in emerging markets, and stewardship of capital.
The company’s presentation will be webcast on the Internet, beginning today at approximately 2:20 p.m. ET. To access the webcast, go to “Webcasts and Presentations” in the Investor Relations section of the company's web site, www.beamglobal.com. An internet replay of the presentation will be available at www.beamglobal.com two hours after the live webcast.
About Beam Inc.
As one of the world’s leading premium spirits companies, Beam is Crafting the Spirits that Stir the World. Consumers from all corners of the globe call for the company’s brands, including Jim Beam Bourbon, Maker's Mark Bourbon, Sauza Tequila, Canadian Club Whisky, Courvoisier Cognac, Teacher's Scotch Whisky, Kilbeggan Irish Whiskey, Laphroaig Scotch Whisky, Cruzan Rum, Hornitos Tequila, Knob Creek Bourbon, EFFEN Vodka, Pucker Flavored Vodka, Larios Gin, Whisky DYC, DeKuyper Cordials, and Skinnygirl Cocktails. Beam is focused on delivering superior performance with its unique combination of scale with agility and a strategy of Creating Famous Brands, Building Winning Markets and Fueling Our Growth. Beam and its 3,200 passionate associates worldwide generated 2011 sales of $2.8 billion, volume of 34 million 9-liter cases and some of the industry’s fastest growing innovations.
Headquartered in Deerfield, Illinois, Beam is traded on the New York Stock Exchange under the ticker symbol BEAM and is included in the S&P 500 Index and the MSCI World Index. For more information on Beam, its brands, and its commitment to social responsibility, please visit www.beamglobal.com and www.drinksmart.com.
This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these forward-looking statements speak only as of the date hereof, and the company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date of this release. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: general economic conditions and credit market instability; customer defaults and related bad debt expense; competitive market pressures (including pricing pressures); changes in customer preferences and trends; risks pertaining to strategic acquisitions and joint ventures, particularly financial and integration risks; any possible downgrades of the company's credit ratings; commodity and energy price volatility; risks associated with doing business outside the United States, including currency exchange rate risks; inability to attract and retain qualified personnel; the impact of excise tax increases and customs duties on distilled spirits; the status of the U.S. rum excise tax cover-over program; dependence on performance of distributors and other marketing arrangements; costs of certain employee and retiree benefits and returns on pension assets; tax law changes and/or interpretation of existing tax laws; potential liabilities, costs and uncertainties of litigation; ability to secure and maintain rights to trademarks and trade names; impairment in the carrying value of goodwill or other acquired intangible assets; disruptions at production facilities; risks related to the Home & Security spin-off; and other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
Use of Non-GAAP Financial Information
This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), including diluted earnings per share before charges/gains and adjusted pro forma diluted EPS. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP, and may also be inconsistent with similar measures presented by other companies. Reconciliation of these measures to the most closely comparable GAAP measures, and reasons for the company’s use of these measures, are presented in the company’s earnings release dated February 3, 2012, which is available on the company’s website.