Brown-Forman Corporation (NYSE:BF-B) reported its Q2 results today, which came in below the Street expectations. Quarterly EPS was $0.49, missing the consensus estimate of $0.54.

Despite the miss, the company raised its full 2022-year outlook to high-single-digit growth year-over-year from mid-single-digit for both underlying net sales and underlying operating income.

Reported gross margin guidance was maintained at flat to slight decline year-over-year as the withdrawal of EU tariffs on American whiskey from 1 January is expected to be offset by supply chain disruptions, higher commodity costs and higher transportation costs.