MGP Ingredients (MGPI) - Get Report shares slumped Friday, after the private-label distiller lowered earnings guidance amid weaker-than-expected whiskey sales.

The company now projects full-year 2019 earnings per share will come in at $2.20 to $2.30 a share. In October, the Atchison, Kan., company forecast $2.55 to $2.75. 

The company also predicted revenue of about $362 million, gross profit of about $76 million and gross margin of about 21%.

“The shortfall versus our previously communicated guidance is the result of us ultimately being unsuccessful in transacting a large portion of the aged whiskey sales we had forecast for the fourth quarter,” CEO Gus Griffin said in a statement.

“While this shortfall is disappointing, particularly given the line of sight we believed we had to these aged sales, we do not believe it reflects weakness in the overall American whiskey category, our overall position in that market or the potential long-term value of our aged whiskey inventory.”

"We are currently conducting additional analysis to better understand the aged whiskey market, and, going forward, we will continue to refine our strategies and tactics to improve the sales predictability and management of this important piece of our business."

SunTrust Robinson analyst William Chappell called MGPI’s estimates “significantly worse than expected,” Bloomberg reports. He cut his rating on the stock to hold from buy and slashed his price target to $55 from $80.

MGPI shares stood at $38.23 in late trading, down 28%. The stock has dropped 40% over the past year, compared with a gain of 24% for the S&P 500 index.