Corby Spirit and Wine (CSW-A) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue grew 41% year-over-year to nearly CAD 230 million, driven by acquisitions of ABG and Nude and value market share gains.

• Q4 revenue rose 50% to CAD 66.5 million, with organic revenue slightly down 1% due to a customer pricing dispute and lower export sales.

• Adjusted earnings from operations increased 37% to CAD 44.6 million for FY24; reported earnings from operations up 44% to CAD 40.7 million.

• Adjusted net earnings for FY24 were CAD 28.5 million (+13%), with adjusted net earnings per share at CAD 1.00.

• Quarterly dividend increased to CAD 0.22 per share, up from CAD 0.21.

Financial highlights

• Q4 adjusted earnings from operations: CAD 9.2 million (+56%); reported: CAD 8.7 million (+385%).

• Q4 adjusted net earnings: CAD 5.4 million (+10%); reported: CAD 4.8 million (+194%).

• FY24 adjusted EBITDA: CAD 60.0 million (+27%); adjusted earnings per share: CAD 1.00 (+13%).

• Organic revenue for FY24 grew 4% to CAD 168.8 million, led by domestic case goods and international markets.

• Cash flow from operating activities reached CAD 31.5 million in FY24.

Outlook and guidance

• Focus remains on market share gains, scaling RTD brands, and leveraging digital tools for margin protection.

• Plans to expand Cottage Springs outside Ontario and target growth in tequila and export markets.

• Continued disciplined investment and potential for further dividend increases, subject to board approval.

• Will capitalize on Ontario's route to market modernization for RTD, wine, and beer.

• Management aims to continue outpacing the broader Spirits and RTD market in FY25, leveraging recent acquisitions and digital transformation.