2023-03-08 16:27:10 ET
The Duckhorn Portfolio ( NYSE: NAPA ) stock rose in after hours trading on Wednesday after rising above Q2 earnings estimates and hiking full-year forecasts.
For the fiscal second quarter, the St. Helena, California-based winemaker reported net sales of $103.5M, above the $101.9M consensus expectation. Meanwhile, $0.18 in earnings per share came in one cent above analyst estimates. Adjusted gross profit margin for the quarter was 53.6%, up 320 basis points from Q2 2022.
“Our robust performance in the first half of the year reflects both the strength of our luxury portfolio and the resilience of our customers, who continue to trust and choose our winery brands,” CEO Alex Ryan said. “On the back of another strong quarter, we are raising and tightening the ranges of our Fiscal 2023 net sales, adjusted EBITDA and adjusted EPS guidance.”
Management now expects net sales to range from $398M to $404M, up from a prior $393 to $401M guide. The updated forecast is more in line with the Street consensus of $400.2M for the full year.
Adjusted EBITDA guidance was also revised upward to a range of $135M to $138M from a prior $132M to $137M. Adjusted earnings per share are expected to range from $0.63 to $0.65, up from a prior forecast of $0.62 to $0.64 and above the $0.62 consensus.
Shares of Duckhorn Portfolio rose 2% in Wednesday’s extended trading.
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Duckhorn Portfolio stock rises on raised full-year forecast