Duckhorn Portfolio Swings To Q4 Profit

(RTTNews) - Shares of Duckhorn Portfolio, Inc. (NAPA) gained 4% in extended trading on Monday after the company reported its fourth-quarter results, with the company swinging to a profit, driven by sales growth.

Net income for the quarter was $7.43 million or $0.06 per share, compared to net loss of $2.72 million or $0.03 per share last year.

Adjusted profit for the quarter were $9.2 million or $0.08 per share, up from $7.4 million or $0.07 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales increased 35.7% to $70.89 million from $52.23 million last year.

Increase in sales was primarily attributable to 40% volume growth, which compares to 15% volume growth in the prior year period.

Looking forward to 2022, the company expects to deliver adjusted earnings between $0.54 and $0.57 per share.