By Christiana Sciaudone
Investing.com — We're sure celebrating the end of Covid (at least in the U.S.).
The Napa Valley maker of Duckhorn Portfolio Inc (NYSE:NAPA) merlot reported better-than-expected results for the third quarter, driving shares up 11%.
Duckhorn Portfolio reported earnings per share of 17 cents, above the 7-cent estimate, on sales of $90.4 million, which compares to expectations of $76.1 million, according to data compiled by Investing.com.
Shares of the winemaker are up about 22% since it went public in March.
“Our performance in the quarter, highlighted by robust top line growth and related market share gains demonstrate our ability to execute on our differentiated strategic plan and the tremendous runway for growth ahead of us in the high growth, luxury wine segment," said Chief Executive Officer Alex Ryan in a statement. "We will continue to look to further enhance stakeholder value and profitably grow the business over the long-term.”
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