Shares of Brown-Forman, the owner of the Jack Daniel’s brand, were the best-performing in the S&P 500 index on Thursday, driven by unexpectedly strong financial results and growth forecasts.

The alcohol maker reported fiscal second-quarter revenue of $1.11 billion, down 1% year-over-year but exceeding the Visible Alpha analyst consensus. Net income reached $242 million, or 50 cents per share, surpassing expectations, though below last year’s $258 million, or 55 cents per share.

Sales of Jack Daniel’s Tennessee Whiskey dropped 1% year-over-year, while overall whiskey sales fell 3%.

CEO Lawson Whiting announced that the company anticipates a “return to growth” in fiscal 2025, ending in April. Brown-Forman maintained its forecast for organic sales growth of 2–4%, supported by gains in international markets.

The company’s shares rose by more than 10% on Thursday, though they remain down approximately 20% in 2024.