Business Watch -- WSJ

BROWN-FORMAN

Emerging Markets Drag on Spirits Maker

Brown-Forman Corp., the maker of Jack Daniel's Tennessee whiskey, said its profit and sales declined in the July quarter as emerging markets continued to drag on results.

Emerging market sales fell 17% because of weaker economic conditions, devalued currencies and political instability. For the current business year, Brown-Forman said it expected to post earnings per share of between $1.71 and $1.81.

In its latest quarter, the company reported a profit of $144 million, or 36 centsashare, down from $156 million, or 37 cents a share, a year prior. Brown-Forman said sales fell 4.9% from a year earlier, to $856 million.

--Austen Hufford

RYANAIR

Deterioration in Fares Could Hurt Guidance

Ryanair Holdings PLC on Wednesday said a further deterioration in fares during the winter period could threaten the airline's full-year guidance after slightly higher passenger numbers in the summer offset a sharper-thanexpected drop in ticket prices.

Europe's largest airline by passenger numbers last month reaffirmed its earnings outlook for fullyear profit in the range of EUR1.375 billion ($1.53 billion) to EUR1.425 billion, though it said it harbored risk. Ryanair plans to transport 117 million passengers in the financial year ending March 31, up one million from its initial projection.

Chief Executive Michael O'Leary warned, however, that if fares in the October-throughMarch period fall more than the 10% to 12% projected, the target could be at risk: "If it gets worse than that we will have to adjust our full-year guidance."

--Robert Wall

ASTRAZENECA

Drugmaker Settles Bribery Claim

U.S. regulators said AstraZeneca PLC had agreed to pay $5.5 million to settle an investigation into alleged bribery at the drugmaker's Chinese and Russian units.

The Securities and Exchange Commission alleged that staff there made payments and gave gifts and other benefits to state-employed health-care workers, such as doctors, in return for increased prescriptions, as far back as 2005.

It claimed those payments were disguised in various ways such as fabricated speaker events and fraudulent expense claims.

AstraZeneca agreed to settle the investigation without admitting or denying wrongdoing, the SEC said.

--Denise Roland

(END) Dow Jones Newswires

September 01, 2016 02:50 ET (06:50 GMT)

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