UPDATE: Brown-Forman Q3 Profit Drops 5%

Brown-Forman Inc BF reported a 5% drop in its third-quarter profit. Brown-Forman's quarterly profit dropped to $133.1 million, or $0.93 per share, from $140.7 million, or $0.96 per share, in the year-earlier period. Its revenue fell to $959 million from $962.4 million. However, analysts were expecting earnings of $1.01 per share on revenue of $947.6 million. Brown-Forman projects 2012 earnings of $3.50 to $3.65 per share, versus analysts' estimates of $3.64 per share. Brown-Forman shares closed at $78.09 yesterday.