Wine maker Duckhorn tops fiscal Q1 views on volume growth

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Shares of Duckhorn Portfolio Inc. NAPA, -1.06% rose nearly 2% in the extended session Wednesday after the Napa Valley wine maker beat Wall Street expectations for profit and sales thanks mostly to its wholesale business and an increase in volume. Duckhorn earned $19.8 million, or 17 cents a share, in the fiscal 2023 first quarter, compared with $21.3 million, or 18 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 18 cents a share. Revenue rose 3.8% to $108.2 million, Duckhorn said, thanks to 9.2% volume growth mostly supported by “strong” wholesale performance. Analysts polled by FactSet expected the wine maker to report adjusted earnings of 14 cents a share on sales of $98.9 million. Separately, Duckhorn said that Chief Financial Officer Lori Beaudoin plans to retire in the spring of 2023 after more than 13 years with the company. Duckhorn has launched a national search for its next CFO, and Beaudoin will continue in the role until a new CFO joins the company. Shares of Duckhorn ended the regular trading day down 1.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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