Business & Tech
Spirits High for Deerfield-based Beam Inc.
First quarter profits for the whiskey maker are up, as are stock shares. Analysts say it's time to get on the wagon and buy.
Deerfield-based Beam Inc., a leading global premium spirits company, announced this week that reported net sales for the first quarter of 2013 were $577.7 million, an increase of 8 percent.
"We're pleased with Beam's strong start to 2013," said Matt Shattock, president and chief executive officer of Beam, in a statement. "Even as we lapped our most challenging quarterly sales growth comparison of the year, our brands sustained their momentum in the marketplace and continued to outperform."
Beam states it has also benefited from strong commercial performance and the acquisition of Pinnacle Vodka, according to its website.
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On Friday, analysts at Citigroup upgraded the company from "Neutral" to "Buy," as shares are expected to reach $76, according to The Dividend Daily.
Thursday’s closing price was $66.11.
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As of 11:39 a.m. CST, Friday, Beam shares stood at $66.17, according to its website.
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