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The Duckhorn Portfolio
The Duckhorn Portfolio (NAPA) investor relations material
The Duckhorn Portfolio has been acquired
The Duckhorn Portfolio Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary5 Dec, 2024
Executive summary
Net sales rose 19.9% year-over-year to $122.9 million, primarily due to the Sonoma-Cutrer acquisition and wholesale channel growth.
Net income declined 28.1% year-over-year to $11.2 million, or $0.08 per diluted share, reflecting higher SG&A and interest expenses.
Adjusted EBITDA grew 39.9% to $48.6 million, with margin improving by 560 basis points to 39.5%, reflecting strong operational performance and acquisition synergies.
Adjusted net income increased to $23.8 million, or $0.16 per diluted share, from $17.2 million, or $0.14 per share, a year ago.
The company entered into a definitive merger agreement to be acquired by Butterfly Equity for $11.10 per share in cash.
Financial highlights
Gross profit: $61.5 million (up 14.2% year-over-year); gross margin 50.0% (down 250 basis points year-over-year).
Adjusted gross profit: $63.8 million, up 19.8% year-over-year; adjusted gross margin 51.9%.
Total SG&A expenses rose 33.8% to $40.8 million; adjusted SG&A increased 5.8% to $23.9 million.
Operating cash flow was $27.2 million, up from $18.1 million in the prior year period.
Earnings per share: $0.08 basic and diluted (down from $0.13 year-over-year).
Outlook and guidance
The merger with Butterfly Equity is expected to close this winter, pending shareholder approval and customary conditions.
Management expects continued growth from the Sonoma-Cutrer acquisition and ongoing investments in DTC and wholesale channels.
No specific forward guidance provided for fiscal 2025.
Organic sales decline drivers and outlook
Cost of goods increase and price/mix impact
Rationale for discontinuing earnings calls
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Frequently asked questions
The Duckhorn Portfolio Inc is a producer of premium wines, managing a collection of wineries and wine brands focused on the luxury segment. The company operates vineyards and wineries across California and Washington, offering a range of varietals and blends through wholesale distribution and direct-to-consumer channels. It serves the consumer goods sector with a focus on the alcoholic beverages market. The company is headquartered in St. Helena, California, and its shares are listed on the NYSE.
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