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The company reported Q2 net income of $195.8 million, or 98 cents per share, down from $1.52 billion, or $7.74 per share, in the same quarter last year. For the company’s Class B stock, EPS was 90 cents per share, compared to $7.11 per share a year ago.
The company noted that the significant decline in earnings was due to a higher tax rate and a beer recall. In addition, last year’s earnings included a non-cash $1.6 billion gain. Excluding these items, earnings were $222 million, or $1.11 per share, compared to $188.7 million, or 96 cents per share, a year ago. Analysts expected to see adjusted earnings of $1.15 per share.
Sales grew 10% to $1.60 billion from $1.46 billion a year ago. Analysts expected to see $1.64 billion in revenue.
The company has cut its forecast for FY2015 to an EPS range of $3.85 to $4.00 per share. Previously, the company reported an outlook of $3.90 to $4.25 per share.
|VMCIX||Vanguard Mid Cap Index||1.41%|
|VFINX||Vanguard 500 Index Inv||1.35%|
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