Beam Inc. Q2 Profit Decreases - Quick Facts

(RTTNews) - Beam Inc. (BEAM) reported that its second-quarter net income decreased to $74.3 million or $0.46 per share, from $101.1 million or $0.62 per share, last year. Excluding items, earnings per share was $0.64 for the quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.60 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $637.6 million, compared to $597.0 million a year ago. Analysts expected revenue of $628.58 million for the quarter.

The company reaffirmed its target to deliver high-single-digit growth in earnings per share before charges/gains for 2013. The company noted that even though the target remains the same, it now incorporates an expectation that foreign exchange will reduce full-year earnings by approximately 5 cents per share.

The Board of Beam has authorized a standing share repurchase plan, under which the company may repurchase up to 3 million common shares.