Jack Daniel’s maker slides after earnings miss

Jack Daniel’s maker Brown-Forman fell by more than 15% in early trading after it severely missed Wall Street earnings estimates.

The Kentucky-based liquor maker reported earnings per share of $0.31, compared to the $0.34 analysts polled by FactSet were expecting. It also reported $894 million in revenue, compared to the $965.8 million analysts were penciling in.

More bad news: it said it expects organic sales and net income to decline for the full year. Analysts had expected an increase in sales and flat profits.

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