Duckhorn Portfolio sales jump 30%, winery posts surprise profit for fiscal Q3

0

Shares of Duckhorn Portfolio Inc.
NAPA,
-1.25%
rose more than 5% late Monday after the California winemaking company reported fiscal third-quarter profit and sales well above expectations in its first earnings as a public company. Duckhorn Portfolio said it earned $9 million, or 8 cents a share, in the quarter, compared with $11.6 million, or 11 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $17.9 million, or 17 cents a share. Sales rose 32% to $90.4 million, the company said, which the winery pinned on 41% volume growth, which compares to 23% volume growth the year before. Analysts polled by FactSet expected the company to report an adjusted loss of 7 cents a share on sales of $76 million. “Following a successful IPO, our strong third-quarter results build upon a long, proven track record of delivering profitable, sustained growth,” Chief Executive Alex Ryan said in a statement. Duckhorn Portfolio went public in March, raising $300 million in the first IPO from a Napa Valley winery in at least 20 years

Source

- Advertisement -

Leave A Reply

Your email address will not be published.