By Karen Roman
The Duckhorn Portfolio, Inc. (NYSE: NAPA) reported net sales increased 1.4% year over year to reach $92.5 million in its Q3 2024 results.
Adjusted EBITDA grew 5.3% to $37.7 million year over year and adjusted EBITDA margin was 40.8%, an increase of 150 basis points, it said.
Gross profit grew 1.8% to $51.4 million, while gross profit margin was 55.6%, up 20 basis points, it stated.
Net income was $13.3 million, a 20.7% decline compared to the previous year, mainly due to higher expenses related to the acquisition of the Geyserville production winery in FY 2023, it said.
The company expects to finish FY2024 with net sales of $403 million at the midpoint.
“While top line results were impacted by the softer wine market, our ongoing commitment to operational excellence enabled us to maintain strong performance in the third quarter,” said Deirdre Mahlan, the company’s President and CEO. “As we approach the end of the year, we are capturing higher than expected cost synergies, and significantly advancing our Route-to-Consumer realignment. Looking ahead, we believe the Company is well positioned to deliver sustained profitable growth and long-term shareholder value.”
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