The Duckhorn Portfolio ( NYSE: NAPA ) shot up in early trading on Thursday after sailing past consensus marks with its FQ1 earnings report .
Sales were up 3.8% during the quarter but there was a calendar effect with the prior year period having the Kosta Browne Single Vineyard Series release DTC sales, which have now shifted into the second quarter of this year.
Adjusted gross profit margin rose 20 basis points to 50.8% of sales. Adjusted EBITDA was $35.7M vs. $33.3M.
NAPA had a cash position of $5.3M at the end of the quarter. The company’s leverage ratio was 1.6X net debt to trailing twelve months adjusted EBITDA.
Of note, NAPA announced that CFO Lori Beaudoin intends to retire in the spring of 2023 with the company set to conduct a national search for a successor.
On Wall Street, Bank of America reiterated a Buy rating on NAPA on the expectation the winde producer will continue to outgrow the wine category and its luxury wine subset.
Shares of NAPA gained 3.61% in premarket trading to $16.37 following the earnings topper.
For further details see:
Duckhorn Portfolio gains after earnings topper