Latest news with #ABG
Iraq Business
13 hours ago
- Business
- Iraq Business
Iraq to become "a Massive Success Story"
By Padraig O'Hannelly. Iraq is experiencing unprecedented stability and security, creating significant opportunities for international businesses, according to Abir Burhan, Company Director of Al-Burhan Group (ABG), speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London. Burhan outlined how the operating environment has transformed dramatically over the past year, with the Iraqi government actively inviting international investment and reducing hostility towards foreign businesses. " We've been through the worst of it, and we finally see that Iraq is becoming really stable and secure, " he told delegates. ABG has positioned itself as a facilitator for international companies entering the Iraqi market, partnering with established firms including Menzies Aviation and Air BP to operate ground fuelling services at Iraqi airports. The company has achieved international operational standards with no reported incidents, demonstrating the viability of high-quality service delivery in the country. " We allow companies to operate in a safe environment, to actually do their job, rather than worrying about the hurdles of dealing with the Iraqi infrastructure, " Burhan explained. The group has made substantial investments in Iraq's infrastructure over the past two years, including: A 300-room hotel development near Baghdad airport Construction of 1,200 affordable housing units in Wasit province Establishment of an operations centre to support international business activities Burhan noted that ABG's security division has experienced reduced demand over the past year, which he views as a positive indicator of improving conditions. " We don't mind our security company not being busy, because we know that there are big advantages for businesses as well, " he said. The Operations Director expressed optimism about Iraq's economic prospects, predicting the country will become " a massive success story " within the next five to ten years. He emphasised the current government's commitment to attracting international investment and the noticeable improvement in security conditions. Burhan acknowledged the pivotal role of the Iraq Britain Business Council in facilitating international business opportunities in Iraq over the past decade, describing their work as instrumental in bringing projects to fruition despite various challenges. The comments reflect growing confidence in Iraq's business environment as the country continues to rebuild and modernise its economy following years of instability.
Yahoo
02-06-2025
- Business
- Yahoo
Why Asbury Automotive Group, Inc. (NYSE:ABG) Could Be Worth Watching
Asbury Automotive Group, Inc. (NYSE:ABG), is not the largest company out there, but it saw significant share price movement during recent months on the NYSE, rising to highs of US$276 and falling to the lows of US$211. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Asbury Automotive Group's current trading price of US$228 reflective of the actual value of the mid-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let's take a look at Asbury Automotive Group's outlook and value based on the most recent financial data to see if there are any catalysts for a price change. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Good news, investors! Asbury Automotive Group is still a bargain right now according to our price multiple model, which compares the company's price-to-earnings ratio to the industry average. We've used the price-to-earnings ratio in this instance because there's not enough visibility to forecast its cash flows. The stock's ratio of 10.79x is currently well-below the industry average of 15.88x, meaning that it is trading at a cheaper price relative to its peers. Asbury Automotive Group's share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. If you believe the share price should eventually reach its industry peers, a low beta could suggest it is unlikely to rapidly do so anytime soon, and once it's there, it may be hard to fall back down into an attractive buying range. View our latest analysis for Asbury Automotive Group Future outlook is an important aspect when you're looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let's also take a look at the company's future expectations. With profit expected to grow by 66% over the next couple of years, the future seems bright for Asbury Automotive Group. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation. Are you a shareholder? Since ABG is currently below the industry PE ratio, it may be a great time to increase your holdings in the stock. With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. However, there are also other factors such as financial health to consider, which could explain the current price multiple. Are you a potential investor? If you've been keeping an eye on ABG for a while, now might be the time to enter the stock. Its prosperous future profit outlook isn't fully reflected in the current share price yet, which means it's not too late to buy ABG. But before you make any investment decisions, consider other factors such as the strength of its balance sheet, in order to make a well-informed investment decision. So while earnings quality is important, it's equally important to consider the risks facing Asbury Automotive Group at this point in time. Every company has risks, and we've spotted 3 warning signs for Asbury Automotive Group (of which 1 is significant!) you should know about. If you are no longer interested in Asbury Automotive Group, you can use our free platform to see our list of over 50 other stocks with a high growth potential. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Automotive
- Yahoo
Asbury Automotive resumed with a Buy at BofA
BofA resumed coverage of Asbury Automotive (ABG) with a Buy rating and $325 price target following a 'strong' Q1 and the agreement to acquire the Herb Chambers Companies that was announced in February. The firm's estimates reflect reported results, management commentary and BofA's broader view on the auto industry amid policy and regulatory shifts, the analyst tells investors. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on ABG: Disclaimer & DisclosureReport an Issue Asbury Automotive Group: Strong Financial Performance and Strategic Growth Drive Buy Rating Asbury Holds Annual Stockholders Meeting, Key Proposals Passed Asbury Reports Record Q1 Earnings Amid Growth Plans Asbury Automotive Reports Q1 2025 Results and Strategic Acquisition Asbury Automotive's Earnings Call Highlights Strategic Growth Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
14-05-2025
- Business
- Cision Canada
Corby Spirit and Wine Limited Reports Its Fiscal 2025 Third Quarter Results for the Period Ended March 31, 2025, and Announces Quarterly Dividend of $0.23 per Share
TORONTO, May 14, 2025 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B), a leading Canadian manufacturer, marketer and importer of spirits, wines and ready-to-drink cocktails ("RTDs"), today announced its financial results for the fiscal third quarter ("Q3") and the nine-month period ended March 31, 2025 ("FYTD March"). Q3 Revenue of $48.0 million (-1% year-over-year) and Organic Revenue 1 -9%, reflecting the normalization of Q3 sales relative to a high base of comparison last year and impacted by de-stocking patterns at the Ontario liquor board FYTD March Revenue at $174.8 million (+7%) and flat Organic Revenue 1, demonstrating continued spirits share gains and traction from the buoyant RTD portfolio, despite a challenging market environment and softer underlying consumer trends Q3 Adjusted EBITDA 1 at $11.7 million (-10%) FYTD March Adjusted EBITDA 1 at $48.4 million (+4%) Q3 Adjusted Net Earnings 1 at $4.5 million (-20%) (Reported -6%) FYTD March Adjusted Net Earnings 1 at $23.2 million (+1%) (Reported +11%) Solid Balance Sheet and strong Cash Flow generation in FYTD March Quarterly Dividend declared of $0.23 per share FINANCIAL RESULTS Q3 FY25 results: Revenue for the third quarter of fiscal 2025, typically Corby's lowest quarter in terms of revenue, saw a normalization of its domestic and export sales compared to very strong third quarter results last year (Revenue growth of 50% for the three-month period ended March 31, 2024 including ABG brands, and growth of 18% excluding ABG versus the comparable period in fiscal 2023). Corby's domestic sales were further impacted by inventory level reduction by the Liquor Control Board of Ontario ("LCBO") in this third quarter of fiscal 2025 versus the prior quarter, along with soft underlying consumer trends. Q3 FY25 Revenue was $48.0 million, declining $0.4 million or 1% compared to the same period last year with the inclusion of the Nude brands. Organic revenue 1 was $44.1 million during the quarter, reflecting a decline of $4.4 million or 9% compared to the prior year. Marketing, sales and administrative expenses increased $0.3 million, or 2% to $17.0 million, reflecting new marketing activities and the addition of overhead related to the acquisition of Nude brands. Reflecting the factors noted above, Reported net earnings 1 for Q3 FY25 were $4.0 million, a decline of 6% year-over-year, and Adjusted EBITDA 1 of $11.7 million declined by 10% versus the same period last year. FYTD March 2025 results: Revenue for the first nine months of fiscal 2025 was $174.8 million, increasing by $11.6 million or 7% versus the same period last year, largely attributed to the inclusion of Nude brands' revenue of $11.9 million. Organic revenue 1 reached $162.9 million, broadly flat compared to the prior year period and demonstrating resilience in a challenging market environment, driven by: Domestic case goods revenue of $125.9 million, declining 2% in a softer spirits market, and adversely impacted by the LCBO, port and rail labour strikes during the first half of fiscal 2025, partially offset by a dynamic RTD portfolio tapping into the grocery and convenience store retail modernization opportunity in Ontario; Commissions sales reached $22.9 million, reflecting growth of 17%, led by imported RTD and wines capitalizing on the RTM modernization in Ontario; and Export revenue of $11.2 million, a decline of 12% year-over-year, lapping the pipeline fill to new markets last year, despite a rebound in J.P. Wiser's performance in the US. Marketing, sales and administrative expenses increased by $2.2 million, or 4% to $53.4 million in FYTD March, reflecting the inclusion of marketing investments and overheads related to the acquisition of Nude brands. Domestic investments lapped sponsorship and media campaign events from last year, while Corby invested further to support strategic brands J.P. Wiser's, through a new NHL multi-year partnership and Polar Ice vodka to sustain its strong commercial momentum. An ongoing focus on operational efficiency led to overall expenses increasing at a slower rate than revenue. Adjusted EBITDA 1 totaled $48.4 million in FYTD March, increasing by 4% versus the same period last year. Corby delivered reported net earnings of $21.2 million and adjusted net earnings 1 of $23.2 million in FYTD March, increasing by 11% and 1% year-over-year, respectively. Reported net earnings included $0.4 million of costs related to Nude inventory adjusted to its fair value in the first quarter of fiscal 2025 and $2.2 million of costs related to ABG inventory adjusted to its fair value in the first half of fiscal 2024, both net of taxes. The Company generated robust cash flow during FYTD March, with Cash Flow from Operating Activities of $29.2 million, an increase of $14.6 million year-over-year. Corby closed FYTD March with a healthy balance sheet and significant financial flexibility, with its Net Debt / Adjusted EBITDA 1 ratio (on a rolling 12-month basis) at 1.6x at quarter-end. Corby delivered a dividend payout ratio 1 of 54% as of quarter-end (on a rolling 12-month basis), highlighting the sustainability of the Company's quarterly dividend. Corby's President and Chief Executive Officer, Nicolas Krantz, stated, " Corby continues to execute on its strategic roadmap, supporting solid overall performance and strong cash flow in the year-to-date period, while demonstrating the resilience of our business in a volatile environment. Our continued market share gains in the Canadian spirits market and the strong momentum of our RTD brands highlight the strength of our portfolio and the unwavering commitment of our teams. While our performance in the third quarter was impacted by an unfavorable comparative basis and liquor board de-stocking, we remain confident in our ability to capitalize on new opportunities in the coming quarters and to deliver value to our shareholders this financial year. Our diverse portfolio of leading brands, paired with our industry-leading innovation and market capabilities, offer a resilient and attractive foundation for continued growth moving forward. With a balanced and prudent approach to capital allocation and a clear strategic roadmap to drive incremental long-term value, we look forward to continuing to execute on the opportunities ahead". For further details, please refer to Corby's Management's Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and nine-month periods ended March 31, 2025, prepared in accordance with IFRS Accounting Standards, available on and The overall spirits market declined 3.6% in value in the last rolling 12 months period, notably impacted by the LCBO labour strike in July 2024 and Ontario RTM modernization for the RTD and wine categories. The RTD category was also impacted by the summer LCBO strike during the first quarter of fiscal 2025 but benefitted from the RTM modernization in Ontario over the second and third quarters, and remained one of the fastest growing categories overall in the last twelve months, increasing by 6.3% in value. Corby has been outperforming the Canadian spirits market in value for more than two years, gaining share in most categories over this timeframe. Over the past twelve months, Corby spirits were resilient at -1.9% year-over-year and Corby RTDs (excl. Nude) were dynamic at +9.1% year-over-year, both outpacing the market in value growth. This outperformance reflects the strength of Corby's comprehensive portfolio of brands along with successful new product launches and execution excellence. Furthermore, Corby is monitoring potential regulatory changes to import tariffs between Canada and the United States. Canadian goods compliant with CUSMA continue to benefit from exemption from the 10% baseline tariff, including our exports to the US. The company is also diversifying supply chains to help ensure product availability, in addition to increasing promotion of Canadian and international products to seize new opportunities and mitigate risks effectively. On July 17, 2024, Pernod Ricard announced the sale of its international strategic wine brands to Australian Wine Holdco Limited, which closed effective April 30, 2025. The transaction includes the sale of a wide portfolio of international wine brands owned and produced by Pernod Ricard Winemakers from three origins including Jacob's Creek® from Australia; Stoneleigh®, Brancott Estate® from New Zealand; and Campo Viejo® from Spain. As a result of this transaction, Corby will continue to represent these brands in Canada during a transition period until August 31, 2025 under the same terms of the Pernod Ricard Representation agreement. Corby is in active discussions with the new owner to continue the representation and distribution of the acquired wine brands in Canada beyond the end of the transition period. QUARTERLY DIVIDEND The Corby Board of Directors is pleased to declare a dividend of $0.23 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, consistent with the amount of the last dividend payment. This dividend is payable on June 11, 2025 to shareholders of record as at the close of business on May 28, 2025. Corby management will host a conference call on Thursday, May 15 th, 2025, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q3 and FYTD March periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 437-900-0527 or toll free 1-888-510-2154 before the start of the call, or by joining via webcast at Following the conclusion of the call, a playback of the conference call will be available for 30 days by calling 289-819-1450 or 1-888-660-6345 and entering passcode 61323 #. 1) NON-IFRS FINANCIAL MEASURES & RATIOS In addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Total Debt", "Net Debt", "Organic Revenue" and "Adjusted EBITDA" which are non-IFRS financial measures. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments. Adjusted EBITDA refers to Adjusted Earnings from Operations adjusted to remove amortization and depreciation disclosed in Corby's financial statements. Adjusted Net Earnings is equal to net earnings for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments and the notional interest charges related to NCI obligation, net of tax calculated using the effective tax rate. Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024: Three months ended Nine months ended Mar. 31, Mar. 31, Mar. 31, Mar. 31, (in millions of Canadian dollars) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Earnings from operations $ 7.7 9.2 $ (1.6) (17 %) $ 35.7 32.0 $ 3.7 11 % Adjustments: Transaction related costs 1 - - - n/a - 0.6 $ (0.6) (100 %) Fair value adjustment to inventory 2 - - - n/a 0.6 3.0 (2.5) (81 %) Distributor transition 3 - - - n/a - (0.3) 0.3 (100 %) Adjusted Earnings from operations $ 7.7 9.2 $ (1.6) (17 %) $ 36.3 35.4 $ 0.9 3 % Adjusted for Depreciation and amortization 4.1 3.8 0.3 8 % 12.2 11.4 $ 0.8 7 % Adjusted EBITDA $ 11.7 13.0 $ (1.3) (10 %) $ 48.4 46.8 $ 1.7 4 % Net earnings $ 4.0 4.3 $ (0.3) (6 %) $ 21.2 19.1 $ 2.1 11 % Adjustments: Transaction related costs 1 - - - n/a - 0.5 (0.5) (100 %) Fair value adjustment to inventory 2 - - - n/a 0.4 2.2 (1.8) (80 %) Distributor transition 3 - - - n/a - (0.2) 0.2 (100 %) NCI Obligation 4 0.5 1.4 (0.8) (63 %) 1.5 1.4 0.2 12 % Adjusted Net earnings $ 4.5 5.6 $ (1.1) (20 %) $ 23.2 22.9 $ 0.3 1 % Three months ended Nine months ended Mar. 31, Mar. 31, Mar. 31, Mar. 31, (in Canadian dollars) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Per common share - Basic net earnings $ 0.14 0.15 $ (0.01) (6 %) $ 0.75 0.67 $ 0.07 11 % - Diluted net earnings $ 0.14 0.15 $ (0.01) (6 %) $ 0.75 0.67 $ 0.07 11 % Basic Net earnings per share $ 0.14 0.15 $ (0.01) (6 %) $ 0.75 0.67 $ 0.07 11 % Adjustments: Transaction related costs 1 - - - n/a - 0.02 (0.02) (100 %) Fair value adjustment to inventory 2 - - - n/a 0.02 0.08 (0.06) (80 %) Distributor transition 3 - - - n/a - (0.01) 0.01 (100 %) NCI Obligation 4 0.02 0.05 (0.03) (63 %) 0.05 0.05 0.01 12 % Adjusted Basic Net earnings per share $ 0.16 0.20 $ (0.04) (20 %) $ 0.81 0.81 $ 0.01 1 % Dilluted Net earnings per share $ 0.14 0.15 $ (0.01) (6 %) $ 0.75 0.67 $ 0.07 11 % Adjustments: Transaction related costs 1 - - - n/a - 0.02 (0.02) (100 %) Fair value adjustment to inventory 2 - - - n/a 0.02 0.08 (0.06) (80 %) Distributor transition 3 - - - n/a - (0.01) 0.01 (100 %) NCI Obligation 4 0.02 0.05 (0.03) (63 %) 0.05 0.05 0.01 12 % Adjusted Net Earnings per share $ 0.16 0.20 $ (0.04) (20 %) $ 0.81 0.81 $ 0.01 1 % (1) Costs related to the acquisition of ABG and Nude beverage brands (2) Costs related to fair value adjustments to inventory due to business combination (3) (Income) / costs related to one-time fee for distributor transition (4) Notional interest costs related to non-conrtolling interest obligations for ABG The following table presents a reconciliation of adjusted EBITDA to their most directly comparable financial measures from the three-month period ended March 31, 2025 to the three-month period ended March 31, 2023: Organic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred. The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024: Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt. Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt. The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at March 31, 2025 and 2024: Dividend Payout Ratio refers to annualized dividends paid divided by Cash Flow from Operating Activities. Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-month and nine-month periods ended March 31, 2025 as filed on SEDAR+ for further information regarding Non-IFRS measures. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-month and nine-month periods ended March 31, 2025 as well as Corby's other public filings, available at and at Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars. About Corby Spirit and Wine Limited Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® and Nude® ready-to-drink beverages and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa ® liqueur, and Mumm® champagne., Corby also represents Jacob's Creek®, Stoneleigh® and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.
Yahoo
14-05-2025
- Business
- Yahoo
Corby Spirit and Wine Limited Reports Its Fiscal 2025 Third Quarter Results for the Period Ended March 31, 2025, and Announces Quarterly Dividend of $0.23 per Share
TORONTO, May 14, 2025 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B), a leading Canadian manufacturer, marketer and importer of spirits, wines and ready-to-drink cocktails ("RTDs"), today announced its financial results for the fiscal third quarter ("Q3") and the nine-month period ended March 31, 2025 ("FYTD March"). Q3 Revenue of $48.0 million (-1% year-over-year) and Organic Revenue1 -9%, reflecting the normalization of Q3 sales relative to a high base of comparison last year and impacted by de-stocking patterns at the Ontario liquor board FYTD March Revenue at $174.8 million (+7%) and flat Organic Revenue1, demonstrating continued spirits share gains and traction from the buoyant RTD portfolio, despite a challenging market environment and softer underlying consumer trends Q3 Adjusted EBITDA1 at $11.7 million (-10%)FYTD March Adjusted EBITDA1 at $48.4 million (+4%) Q3 Adjusted Net Earnings1 at $4.5 million (-20%) (Reported -6%)FYTD March Adjusted Net Earnings1 at $23.2 million (+1%) (Reported +11%) Solid Balance Sheet and strong Cash Flow generation in FYTD MarchQuarterly Dividend declared of $0.23 per share FINANCIAL RESULTS Q3 FY25 results: Revenue for the third quarter of fiscal 2025, typically Corby's lowest quarter in terms of revenue, saw a normalization of its domestic and export sales compared to very strong third quarter results last year (Revenue growth of 50% for the three-month period ended March 31, 2024 including ABG brands, and growth of 18% excluding ABG versus the comparable period in fiscal 2023). Corby's domestic sales were further impacted by inventory level reduction by the Liquor Control Board of Ontario ("LCBO") in this third quarter of fiscal 2025 versus the prior quarter, along with soft underlying consumer trends. Q3 FY25 Revenue was $48.0 million, declining $0.4 million or 1% compared to the same period last year with the inclusion of the Nude brands. Organic revenue1 was $44.1 million during the quarter, reflecting a decline of $4.4 million or 9% compared to the prior year. Marketing, sales and administrative expenses increased $0.3 million, or 2% to $17.0 million, reflecting new marketing activities and the addition of overhead related to the acquisition of Nude brands. Reflecting the factors noted above, Reported net earnings1 for Q3 FY25 were $4.0 million, a decline of 6% year-over-year, and Adjusted EBITDA1 of $11.7 million declined by 10% versus the same period last year. FYTD March 2025 results: Revenue for the first nine months of fiscal 2025 was $174.8 million, increasing by $11.6 million or 7% versus the same period last year, largely attributed to the inclusion of Nude brands' revenue of $11.9 million. Organic revenue1 reached $162.9 million, broadly flat compared to the prior year period and demonstrating resilience in a challenging market environment, driven by: Domestic case goods revenue of $125.9 million, declining 2% in a softer spirits market, and adversely impacted by the LCBO, port and rail labour strikes during the first half of fiscal 2025, partially offset by a dynamic RTD portfolio tapping into the grocery and convenience store retail modernization opportunity in Ontario; Commissions sales reached $22.9 million, reflecting growth of 17%, led by imported RTD and wines capitalizing on the RTM modernization in Ontario; and Export revenue of $11.2 million, a decline of 12% year-over-year, lapping the pipeline fill to new markets last year, despite a rebound in J.P. Wiser's performance in the US. Marketing, sales and administrative expenses increased by $2.2 million, or 4% to $53.4 million in FYTD March, reflecting the inclusion of marketing investments and overheads related to the acquisition of Nude brands. Domestic investments lapped sponsorship and media campaign events from last year, while Corby invested further to support strategic brands J.P. Wiser's, through a new NHL multi-year partnership and Polar Ice vodka to sustain its strong commercial momentum. An ongoing focus on operational efficiency led to overall expenses increasing at a slower rate than revenue. Adjusted EBITDA1 totaled $48.4 million in FYTD March, increasing by 4% versus the same period last year. Corby delivered reported net earnings of $21.2 million and adjusted net earnings1 of $23.2 million in FYTD March, increasing by 11% and 1% year-over-year, respectively. Reported net earnings included $0.4 million of costs related to Nude inventory adjusted to its fair value in the first quarter of fiscal 2025 and $2.2 million of costs related to ABG inventory adjusted to its fair value in the first half of fiscal 2024, both net of taxes. The Company generated robust cash flow during FYTD March, with Cash Flow from Operating Activities of $29.2 million, an increase of $14.6 million year-over-year. Corby closed FYTD March with a healthy balance sheet and significant financial flexibility, with its Net Debt / Adjusted EBITDA1 ratio (on a rolling 12-month basis) at 1.6x at quarter-end. Corby delivered a dividend payout ratio1 of 54% as of quarter-end (on a rolling 12-month basis), highlighting the sustainability of the Company's quarterly dividend. Corby's President and Chief Executive Officer, Nicolas Krantz, stated, "Corby continues to execute on its strategic roadmap, supporting solid overall performance and strong cash flow in the year-to-date period, while demonstrating the resilience of our business in a volatile environment. Our continued market share gains in the Canadian spirits market and the strong momentum of our RTD brands highlight the strength of our portfolio and the unwavering commitment of our teams. While our performance in the third quarter was impacted by an unfavorable comparative basis and liquor board de-stocking, we remain confident in our ability to capitalize on new opportunities in the coming quarters and to deliver value to our shareholders this financial year. Our diverse portfolio of leading brands, paired with our industry-leading innovation and market capabilities, offer a resilient and attractive foundation for continued growth moving forward. With a balanced and prudent approach to capital allocation and a clear strategic roadmap to drive incremental long-term value, we look forward to continuing to execute on the opportunities ahead". For further details, please refer to Corby's Management's Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and nine-month periods ended March 31, 2025, prepared in accordance with IFRS Accounting Standards, available on and MARKET TRENDS The overall spirits market declined 3.6% in value in the last rolling 12 months period, notably impacted by the LCBO labour strike in July 2024 and Ontario RTM modernization for the RTD and wine categories. The RTD category was also impacted by the summer LCBO strike during the first quarter of fiscal 2025 but benefitted from the RTM modernization in Ontario over the second and third quarters, and remained one of the fastest growing categories overall in the last twelve months, increasing by 6.3% in value. Corby has been outperforming the Canadian spirits market in value for more than two years, gaining share in most categories over this timeframe. Over the past twelve months, Corby spirits were resilient at -1.9% year-over-year and Corby RTDs (excl. Nude) were dynamic at +9.1% year-over-year, both outpacing the market in value growth. This outperformance reflects the strength of Corby's comprehensive portfolio of brands along with successful new product launches and execution excellence. Furthermore, Corby is monitoring potential regulatory changes to import tariffs between Canada and the United States. Canadian goods compliant with CUSMA continue to benefit from exemption from the 10% baseline tariff, including our exports to the US. The company is also diversifying supply chains to help ensure product availability, in addition to increasing promotion of Canadian and international products to seize new opportunities and mitigate risks effectively. REPRESENTATION AGREEMENT UPDATE On July 17, 2024, Pernod Ricard announced the sale of its international strategic wine brands to Australian Wine Holdco Limited, which closed effective April 30, 2025. The transaction includes the sale of a wide portfolio of international wine brands owned and produced by Pernod Ricard Winemakers from three origins including Jacob's Creek® from Australia; Stoneleigh®, Brancott Estate® from New Zealand; and Campo Viejo® from Spain. As a result of this transaction, Corby will continue to represent these brands in Canada during a transition period until August 31, 2025 under the same terms of the Pernod Ricard Representation agreement. Corby is in active discussions with the new owner to continue the representation and distribution of the acquired wine brands in Canada beyond the end of the transition period. QUARTERLY DIVIDEND The Corby Board of Directors is pleased to declare a dividend of $0.23 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, consistent with the amount of the last dividend payment. This dividend is payable on June 11, 2025 to shareholders of record as at the close of business on May 28, 2025. QUARTERLY CONFERENCE CALL Corby management will host a conference call on Thursday, May 15th, 2025, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q3 and FYTD March periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 437-900-0527 or toll free 1-888-510-2154 before the start of the call, or by joining via webcast at Following the conclusion of the call, a playback of the conference call will be available for 30 days by calling 289-819-1450 or 1-888-660-6345 and entering passcode 61323 #. 1) NON-IFRS FINANCIAL MEASURES & RATIOS In addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Total Debt", "Net Debt", "Organic Revenue" and "Adjusted EBITDA" which are non-IFRS financial measures. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments. Adjusted EBITDA refers to Adjusted Earnings from Operations adjusted to remove amortization and depreciation disclosed in Corby's financial statements. Adjusted Net Earnings is equal to net earnings for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments and the notional interest charges related to NCI obligation, net of tax calculated using the effective tax rate. Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings. The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024: Three months endedNine months ended Mar. 31, Mar. 31,Mar. 31, Mar. 31, (in millions of Canadian dollars)2025 2024 $ Change % Change2025 2024 $ Change % ChangeEarnings from operations$ 7.7 9.2 $ (1.6) (17 %)$ 35.7 32.0 $ 3.7 11 % Adjustments: Transaction related costs1- - - n/a- 0.6 $ (0.6) (100 %) Fair value adjustment to inventory2 - - - n/a0.6 3.0 (2.5) (81 %) Distributor transition3- - - n/a- (0.3) 0.3 (100 %) Adjusted Earnings from operations $ 7.7 9.2 $ (1.6) (17 %)$ 36.3 35.4 $ 0.9 3 %Adjusted for Depreciation and amortization 4.1 3.8 0.3 8 %12.2 11.4 $ 0.8 7 % Adjusted EBITDA$ 11.7 13.0 $ (1.3) (10 %)$ 48.4 46.8 $ 1.7 4 %Net earnings$ 4.0 4.3 $ (0.3) (6 %)$ 21.2 19.1 $ 2.1 11 % Adjustments: Transaction related costs1- - - n/a- 0.5 (0.5) (100 %) Fair value adjustment to inventory2 - - - n/a0.4 2.2 (1.8) (80 %) Distributor transition3- - - n/a- (0.2) 0.2 (100 %) NCI Obligation40.5 1.4 (0.8) (63 %)1.5 1.4 0.2 12 % Adjusted Net earnings$ 4.5 5.6 $ (1.1) (20 %)$ 23.2 22.9 $ 0.3 1 % Three months endedNine months ended Mar. 31, Mar. 31,Mar. 31, Mar. 31, (in Canadian dollars)2025 2024 $ Change % Change2025 2024 $ Change % ChangePer common share - Basic net earnings$ 0.14 0.15 $ (0.01) (6 %)$ 0.75 0.67 $ 0.07 11 % - Diluted net earnings$ 0.14 0.15 $ (0.01) (6 %)$ 0.75 0.67 $ 0.07 11 %Basic Net earnings per share$ 0.14 0.15 $ (0.01) (6 %)$ 0.75 0.67 $ 0.07 11 % Adjustments: Transaction related costs1- - - n/a- 0.02 (0.02) (100 %) Fair value adjustment to inventory2 - - - n/a0.02 0.08 (0.06) (80 %) Distributor transition3- - - n/a- (0.01) 0.01 (100 %) NCI Obligation40.02 0.05 (0.03) (63 %)0.05 0.05 0.01 12 % Adjusted Basic Net earnings per share $ 0.16 0.20 $ (0.04) (20 %)$ 0.81 0.81 $ 0.01 1 %Dilluted Net earnings per share$ 0.14 0.15 $ (0.01) (6 %)$ 0.75 0.67 $ 0.07 11 % Adjustments: Transaction related costs1- - - n/a- 0.02 (0.02) (100 %) Fair value adjustment to inventory2 - - - n/a0.02 0.08 (0.06) (80 %) Distributor transition3- - - n/a- (0.01) 0.01 (100 %) NCI Obligation40.02 0.05 (0.03) (63 %)0.05 0.05 0.01 12 % Adjusted Net Earnings per share $ 0.16 0.20 $ (0.04) (20 %)$ 0.81 0.81 $ 0.01 1 % (1) Costs related to the acquisition of ABG and Nude beverage brands (2) Costs related to fair value adjustments to inventory due to business combination (3) (Income) / costs related to one-time fee for distributor transition (4) Notional interest costs related to non-conrtolling interest obligations for ABG The following table presents a reconciliation of adjusted EBITDA to their most directly comparable financial measures from the three-month period ended March 31, 2025 to the three-month period ended March 31, 2023:Three Months EndedMar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, (in millions of Canadian dollars) 2025 2024 2024 2024 2024 2023 2023 2023 2023 Adjusted Earnings from operations $ 7.7 $ 13.0 15.6 9.2 9.2 12.0 14.3 5.9 4.8 Adjusted for depreciation & amortization 4.1 4.1 3.9 4.1 3.8 3.7 3.9 3.8 3.7 Adjusted EBITDA $ 11.7 $ 17.2 19.5 13.3 13.0 15.7 18.1 9.7 8.5 Organic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred. The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024:Three Months EndedNine Months EndedMar. 31 Mar. 31Mar. 31 Mar. 31 (in millions of Canadian dollars) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Domestic case goods revenue $ 36.2 37.1 $ (0.9) (2 %)$ 137.8 128.3 $ 9.5 7 % Adjusted for revenue from acquired or disposed brands (3.9) - (3.9) n.a.(11.9) - (11.9) n.a. Organic domestic case goods revenue $ 32.3 37.1 (4.8) (13 %)$ 125.9 128.3 (2.4) (2 %) Export case goods revenue 4.2 5.0 (0.8) (16 %)11.2 12.6 (1.5) (12 %) Total commissions 6.8 5.7 1.1 20 %22.9 19.5 3.4 17 % Other services 0.9 0.8 0.1 13 %3.0 2.7 0.3 10 % Total organic revenue $ 44.1 $ 48.5 $ (4.4) (9 %)$ 162.9 $ 163.1 $ (0.2) (0 %) Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt. Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt. The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at March 31, 2025 and 2024:Mar. 31, Mar. 31 (in millions of Canadian dollars) 2025 2024Bank indebtedness $ (0.9) $ - Credit facilities payable (1.9) (7.3) Lease liabilities (3.7) (3.4) Long-term debt (102.0) (120.0) Total debt $ (108.5) $ (130.6)Deposits in cash management pools $ 5.7 $ 24.0Bank indebtedness (0.9) - Credit facilities payable (1.9) (7.3) Long-term debt (102.0) (120.0) Net debt $ (99.1) $ (103.3) Dividend Payout Ratio refers to annualized dividends paid divided by Cash Flow from Operating Activities.Q3 Q2 Q1 Q4 (in millions of Canadian dollars except per share amounts) 2025 2025 2025 2024Dividend paid per share $ 0.23 $ 0.22 0.22 0.21 Rolling 12-month Dividend paid per share 0.88Shares outstanding 28,468,856Rolling 12-month Historical dividends paid $ 25.1Cash flow from operating activities (6.3) 31.9 3.7 16.9 Rolling 12-month Cash flow from operating activities 46.1Rolling 12-month Dividend Payout Ratio 54 %Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-month and nine-month periods ended March 31, 2025 as filed on SEDAR+ for further information regarding Non-IFRS measures. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-month and nine-month periods ended March 31, 2025 as well as Corby's other public filings, available at and at Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars. About Corby Spirit and Wine Limited Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® and Nude® ready-to-drink beverages and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa ® liqueur, and Mumm® champagne., Corby also represents Jacob's Creek®, Stoneleigh® and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn. SOURCE Corby Spirit and Wine Limited View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
