Brown-Forman sees FY23 capital expenditures $190M-$210M

Sees FY23 effective tax rate 22%-23%. Sees FY23 gross margin consistent with first half. Sees FY23 organic net sales growth 8%-10%. The company said, "The company anticipates strong growth in fiscal 2023 despite global macroeconomic volatility and geopolitical uncertainties. The rebuilding of finished goods inventories, due to the easing of supply chain constraints, positively impacted results during the first nine months of fiscal 2023. For the full year, the effect of the estimated net change in distributor inventories could range from no impact to a moderate unfavorable impact on results as the company laps significant inventory rebuilding during the fourth quarter of fiscal 2022."