By Stuart Condie
SYDNEY--Treasury Wine Estates shares are on course for their largest one-day fall in two years after the Australian producer moderated its annual earnings guidance.
The stock was down 6.1% in afternoon trade Thursday, wiping about 556 million Australian dollars, or about US$350 million, from Treasury's market capitalization. Analysts said that Treasury's so-called premium and U.S. luxury portfolios had underperformed in the December half.
The company, which is best known globally for its Penfolds brand, hopes the creation of a separate luxury division will help lift performance. On Thursday, it said it had completed the integration of California luxury producer Daou Vineyards, which it acquired for up to US$1 billion in 2023.
"We are pleased to hear that integration work around Daou has now been completed, and the company has room to grow with distributors in the U.S. which have faced challenges from weaker spirits sales," said Citi analyst Sam Teeger, who rates the stock a buy.
Shares were recently at A$10.47, on track for their lowest close since Jan. 29.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
February 12, 2025 23:12 ET (04:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。