Treasury Wine Estates Ltd Strong interim 2017 results
Strong interim 2017 results: Treasury Wine Estates Ltd (ASX: TWE) stock fell over 4.7% on February 14, 2017 after rising over 13.5% in the last four weeks (as at February 13, 2017) while BlackRock Group ceases to be a substantial holder. Further, investors might be booking profits in the stock after the group posted decent 1H17 results. The group’s reported Net Profit After Tax (NPAT) and Earnings Per Share (EPS) more than doubled as compared to the prior corresponding period (pcp). Earnings Before Interest, Tax, SGARA and material items (EBITS) surged 58.8% year on year (yoy) to $226.8 million while EBITS margin was up 4.3ppts to 17.5% in 1H17 driven by Diageo Wine acquisition contribution. TWE’s core Australia & New Zealand (ANZ) division delivered a 13.2% EBITS rise to $53.1m boosted by above-category volume growth in Australia (despite reallocating Luxury Australian wine to Asia), customer partnerships and a cost control. Europe performance was even better which delivered a 34.3% EBITS growth to $23.1m. Asia generated an outstanding 75.6% EBITS growth to $79.0m. Management gave a positive outlook with the group’s ongoing efforts of transitioning from an agricultural to a brand-led, high performance organization.
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