The trade war comes to Louisville—and Jack Daniel's takes a tariff hit.
Led by strong sales for its whiskey and tequila brands, Brown-Forman Corp. reported higher fourth-quarter net income Wednesday despite taking a hit from the Trump administration's tariff fight.
American whiskey producers face stiff retaliatory tariffs in the European Union, the industry's biggest export market, as part of the Trump administration's trade disputes. It's a headache that's continuing into the company's new fiscal year. The company said it's assuming tariffs remain in place for all of the current fiscal year, compared to about seven months of tariff impact in the just-ended fiscal year. Brown-Forman's earnings-per-share projection for the new fiscal year is in the range of $1.75 to $1.85.
The strong dollar was another drag on Brown-Forman's earnings, costing the company another 2 percentage points in its net sales growth during the recently ended fiscal year. Brown-Forman reported net income of $159 million, or 33 cents per share, for the quarter ended April 30, which topped expectations by 3 cents. That's compared to $110 million, or 23 cents per share, a year ago.
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