TWE +4.04%: the wine producer posted a strong FY22, helping shares trade higher. Revenue was in line at $2.48b but margins came in better than expected leading to a small beat at the net profit line, up 4% to $323m. Premium wine sales account for 83% of global revenue and helped to boost earnings with net sales revenue per case up 16%. Guidance was a little messy but broadly positive. Cost of wine sold in the year ahead is expected to be higher as they sell wine from smaller yields however they expect to see $65m in savings on lower supply chain costs. Medium-term EBIT margin of 25% is on track according to management.
MM is bullish TWE after a decent result
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