Brown–Forman’s ($BF-A) stock is on a wild ride, surging 8.2% Wednesday before stumbling 0.4% Thursday, mirroring the wobbly steps of a Jack Daniel’s enthusiast. The maker of the popular whiskey reported mixed earnings but offered an upbeat outlook — navigating “geopolitical uncertainties and global macroeconomic conditions” as uncertainty around America’s trade war unfolds.

• BF-A
  reported EPS of $0.57 (vs. $0.47 expected) and $1.04B net sales (vs. $1.08B expected), falling 5% and 3% from last year, respectively — but forecasted 2025 sales growth of 2% to 4%.
• Canada’s retaliatory decision to unshelve US-made alcohol impacts just 1% of sales, but CEO Lawson Whiting warns it’s “worse than a tariff because it’s literally taking your sales away,” — meanwhile, eyes are on Mexico as tensions escalate, representing 7% of sales.

Sobering reality: The industry’s hangover intensifies as Brown-Forman grapples with fading demand and tariff-induced headaches. Following a 700-employee layoff and Kentucky cooperage closure, the additional trade tensions couldn’t come at a worse time for margins. Worse yet, the Kentucky-based firm has faced modest disruptions from weeks of flooding around numerous distilleries in its home state. With consumers tightening their belts and geopolitical uncertainties looming, distillers face an uphill battle to maintain their spirits.