Trade war comes to Louisville, Jack Daniels takes tariff hit

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Earns Brown Forman

FILE - In this Dec. 5, 2011, file photo, bottles of Jack Daniel's Tennessee Whiskey line the shelves of a liquor outlet in Montpelier, Vt. The company that makes Jack Daniels took a hit from the administration’s tariff fight, estimating that the standoff dragged sales growth down by a percentage point for the entire year. Brown-Forman Corp. (BF.A) on Wednesday, June 5, 2019, reported fiscal fourth-quarter net income of $159 million. (AP Photo/Toby Talbot, File)

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LOUISVILLE, Ky. (AP) — The company that makes Jack Daniels took a hit from the administration's tariff fight, estimating that the standoff dragged sales growth down by a percentage point for the entire year.

Brown-Forman Corp. posted fourth quarter sales of $744 million, which was well short of the $762 million that Wall Street had expected, according to a survey by FactSet.

Net income was $159 million, or 33 cents per share, which topped expectations by 3 cents.

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The Louisville, Kentucky, distiller said Wednesday that for the year, it had a profit of $835 million, or $1.73 per share, and revenue of $3.32 billion.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BF.A at https://www.zacks.com/ap/BF.A

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