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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
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.
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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.