Latest news with #Boodlesgin
Yahoo
29-04-2025
- Business
- Yahoo
Mexican tequila maker Cuervo pockets more profit on weaker peso, despite volume dip
MEXICO CITY (Reuters) - Becle, the world's largest tequila producer, on Tuesday reported a first-quarter profit up 15% from a year earlier, pulling in more pesos due to the currency's weakening despite moving less product in the period. Becle's net profit hit 1.16 billion pesos ($56.69 million), in line with estimates from analysts polled by LSEG. The firm, which makes the bulk of its income from tequilas but also produces a range of spirits such as Creyente mezcal, Stranahan's whiskey, Kraken rum and Boodles gin, attributed the boost to lower input costs and exchange-rate tailwinds given the Mexican peso's depreciation. The currency weakened close to 24% against the U.S. dollar from the end of March last year to the end of March this year. The U.S. and Canada remained Becle's largest market, though volumes slipped 3.6% year-on-year to just over 3 million crates. In Mexico, volumes dropped 13% and in the rest of the world they dropped 14%. Still, revenues ticked up 7% to 9.63 billion pesos, slightly above the LSEG-compiled estimate. "Going into 2025, we are encouraged by our ability to manage the business effectively despite ongoing industry pressures and consumer caution," management said in a statement.
Reuters
29-04-2025
- Business
- Reuters
Mexican tequila maker Cuervo pockets more profit on weaker peso, despite volume dip
MEXICO CITY, April 29 (Reuters) - Becle ( opens new tab, the world's largest tequila producer, on Tuesday reported a first-quarter profit up 15% from a year earlier, pulling in more pesos due to the currency's weakening despite moving less product in the period. Becle's net profit hit 1.16 billion pesos ($56.69 million), in line with estimates from analysts polled by LSEG. The firm, which makes the bulk of its income from tequilas but also produces a range of spirits such as Creyente mezcal, Stranahan's whiskey, Kraken rum and Boodles gin, attributed the boost to lower input costs and exchange-rate tailwinds given the Mexican peso's depreciation. The currency weakened close to 24% against the U.S. dollar from the end of March last year to the end of March this year. The U.S. and Canada remained Becle's largest market, though volumes slipped 3.6% year-on-year to just over 3 million crates. In Mexico, volumes dropped 13% and in the rest of the world they dropped 14%. Still, revenues ticked up 7% to 9.63 billion pesos, slightly above the LSEG-compiled estimate. "Going into 2025, we are encouraged by our ability to manage the business effectively despite ongoing industry pressures and consumer caution," management said in a statement.
Yahoo
28-02-2025
- Business
- Yahoo
Tequila maker Becle's profit plummets, drained by lower sales in US and Canada
MEXICO CITY (Reuters) - Mexico's Becle, the world's largest tequila producer, on Wednesday reported a fourth-quarter profit down 21% from a year earlier, hit by a significant decline in its sales and volumes in the United States and Canada. Cuervo, which makes the bulk of its sales from tequila but also produces a range of spirits such as Creyente mezcal, Stranahan's whiskey, Kraken rum and Boodles gin, reported a net profit of 1.55 billion pesos ($74.3 million), beating LSEG analysts' estimate of 1.28 billion pesos. Revenue, meanwhile, landed at 12.9 billion pesos, below analysts' forecasts of 13.62 billion pesos. The company's sales in foreign-exchange neutral terms in the U.S. and Canada were down around 25% in the quarter, while its volumes in the region decreased close to 20%, Becle said in a statement. On potential tariffs to be imposed on Mexico by the U.S., the tequila maker said that any renegotiation of trade agreements or changes in foreign policy in the U.S. could affect imports and exports with Mexico, and adversely affect the company. ($1 = 20.8829 pesos at end-December) Sign in to access your portfolio
