Shares of Duckhorn Portfolio Inc.
NAPA,
turned lower in after hours Wednesday after the winemaker reported quarterly earnings that beat Wall Street expectations and said Chief Executive Alex Ryan was retiring after 35 years with the company. Duckhorn earned $17.8 million, or 15 cents a share, in the fiscal fourth quarter, compared with $5.4 million, or 5 cents a share, in the prior-year quarter. Adjusted for one-time items, the company earned 15 cents a share, which compares with expectations of 13 cents a share, according to FactSet. Sales rose 28% to $100 million, matching the FactSet forecast. The company guided for fiscal 2024 sales between $420 million and $430 million, and adjusted EPS between 67 cents and 69 cents. In a separate press release, the company said that its board has appointed Deirdre Mahlan, a “veteran of the alcohol and beverage industry,” as interim CEO and board chair, and has started a search for a new top executive. “Alex dedicated his professional life to growing our business, and he has now decided to step away to focus on family and personal matters,” Duckhorn said. Ryan offered “to be available to the company to ensure a smooth transition.” The stock added as much as 9% in the extended session, but at last check dropped 1%.
Read the full article here
