Distiller forecasts higher earnings after sales growth in US results in first-quarter sales beating estimates, offset decline in China LONDON — Pernod Ricard, the world’s second-biggest distiller, forecast higher full-year earnings after sales growth in the US led first-quarter sales to beat analysts’ estimates and offset a decline in China.Earnings from recurring operations would increase 1%-3% in the year ending June 2016 on an adjusted basis, the Paris-based company said in a statement on Thursday. That compares with analysts’ estimates for 2.8% growth and last year’s rate of 2%."The results are a modest beat," Sanford C Bernstein analyst Trevor Stirling said by phone. "China was slightly softer than expected."The maker of Beefeater gin and Chivas Regal scotch is pushing luxury variants such as Absolut Elyx vodka to reignite growth in the US. Pernod’s cognac sales have suffered from a crackdown on lavish spending in China. It is also eyeing opportunities for its Havana Club Cuban...
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