Liquor producer Brown-Forman reports decline in 1Q profit due to problem in tequila production

LOUISVILLE, Ky. (AP) - Liquor company Brown-Forman Corp. said Thursday its first-quarter profit fell 7 percent, taking a shot to its earnings when a problem with tequila production caused a $22 million pretax charge. It also lowered its annual earnings projection as a result of the charge. The Louisville-based owner of the Jack Daniel's brand reported a mixed performance for its leading brands in the latest... [read full story]