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Cheers! Jack Daniel's parent Brown-Forman rises after quarterly beat

Jack Daniel's
Yuriko Nakao | Bloomberg | Getty Images

Shares of Brown-Forman advanced more than 3 percent Wednesday after reporting better-than-expected fiscal fourth-quarter results.

The parent company of Jack Daniel's and Woodford Reserve posted profits of $2.60 per share on revenue of $933 million. Analysts polled by Reuters expected the company to post earnings of 72 cents a share on revenue of $899 million.

The company also reported full-year fiscal 2016, which CEO Paul Varga described as strong.

"Fiscal 2016 was another successful year at Brown-Forman. We delivered solid underlying growth in sales and operating income, led by the Jack Daniel's family of brands. We also made important changes to our portfolio of brands that we believe position us well for the long-term," Varga said in a statement.

Brown-Forman shares have advanced about 3.5 percent over the past year.

BF.B 12-month chart

Source: FactSet