TWE +2%: Solid result for TWE, pretty much inline with expectations with their US business outperforming.
- Revenue $2.81 billion, +13% y/y, vs estimate of $2.78 billion
- Earnings per share of $0.523 vs. consensus of $0.52
- Ebits $658.1 million, +13% y/y, compared to consensus of $659.9 million
- Margins solid at 24% in line with expectations
- Penfolds earnings of $421.3 million, up +16% y/y
- Final dividend per share $0.19 vs. $0.17 y/y
TWE guidance for FY25 of Ebits $780 million to $810 million was solid, however, consensus was already at $806m, hence no positive SP catalyst.
MM remains long & bullish TWE
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