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Watered-Down Whiskey Is Lesson in Futility

Brooke Sutherland
Watered-Down Whiskey Is Lesson in Futility

Brown-Forman Corp.'s earnings would have been as smooth as Tennessee whiskey if not for President Donald Trump's trade war. The maker of Jack Daniel's and Woodford Reserve reported quarterly earnings Wednesday that bested analysts' estimates, but it also lowered its fiscal 2019 guidance. The culprit isn't weakening demand for the hard stuff — Brown-Forman held steady on its call for as much as 7 percent sales growth this year.