Brown Forman Inc (NYSE:BF) shares declined on Wednesday after the spirits and wine business reported third-quarter earnings per share of 58 cents.
It beat the analyst consensus estimate of 48 cents. Quarterly sales of $1.056 billion outpaced the Street view of $1.003 billion.
On a year-to-date basis, whiskey brands posted modest growth, helped by innovation and new Jack Daniel’s flavors, though core Tennessee Whiskey and Tennessee Honey declined.
Tequila sales fell year-to-date as Herradura and el Jimador weakened, pressured by lower U.S. volumes in a competitive category.
Ready-to-drink rose on a year-to-date basis on surging …