Jack Daniel's owner Brown-Forman (BF.A) was the worst-performing stock in the S&P 500 as shares fell over 7% in intraday trading Wednesday after the spirits maker reported sales slumped and lowered its guidance to reflect what CEO Lawson Whiting called “a year💙 with significant uncertainty and complexity” in the industry.

Brown-Forman reported third-quarter fiscal 2024 revenue fell 1% from the year-ago period to $1.07 billion, short of 澳洲幸运5官方开奖结果体彩网:analyst estimates. Profit came in at 60 cents, higher than forecasts. 

In the first nine months of the company's fiscal year, revenue rose 1% to $3.21 billion, with 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.58. The gains were driven by a 79% jump in sales at its "Rest of Portfolio" unit, thanks to recently ac🐻quired Gin Mare and Diplomatico brands. Also higher were sales of Jack Daniel’s Tennessee Apple, which were up 44%. However, net sales of its most-popular drink, Jack Daniel’s Tennessee Whiskey, slipped 6%.

The company warned that the operating environment “continues to be challenging,” and added that it was “tempering” expectat♏ions for a second straight quarter as it dealt with “evolving global macroeconomic conditions and normalizing industry trends.”

Brown-Forman said it now anticipates full-year 澳洲幸运5官方开奖结果体彩网:organic net sales to be flat, reflecting “the slower than anticipated growth for the nine months ended January 31, 2024.” Previously, the company predicted an increase of 3% to 5%. It projects organic 澳洲幸运5官方开奖结果体彩网:operating income in the 0% to 2% range, down from the earlier 4% to 6% growth outlook. Brown-Forman also plans to cut capital spending to $230 million to $240 million from an earlier projected $250 million to $270 million. 

Shares of Brown-Forman were down 7.9% at $56.26 as of 3:25 p.m. ET Wednesday. They've lost more than 16% of their value over the past year.