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The Duckhorn Portfolio (NAPA) investor relations material

The Duckhorn Portfolio Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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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.

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