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Brown-Forman (NYSE: BFA, BFB) is set to release its fourth quarter and fiscal year 2024 financial results on June 5, 2024, followed by a conference call to discuss the results. The company offers a diverse portfolio of beverage alcohol brands and operates globally, with products sold in more than 170 countries.
Brown-Forman announced a change in its Emerging International leadership, with Michael Masick becoming President, Emerging International, effective July 1. Thomas Hinrichs will retire after a 28-year career, effective June 30. Masick will lead the strategy for Emerging International markets, including Latin America, Asia, Australia, and more. He has been with Brown-Forman for over 14 years and has extensive experience in finance, strategy, and commercial leadership.
Brown-Forman (NYSE: BFA, BFB) completed the sale of Sonoma-Cutrer Vineyards to The Duckhorn Portfolio, Inc. for $50 million USD and 21.5% ownership in April 2024. Brown-Forman executives Marshall Farrer and Tim Nall join The Duckhorn Portfolio's Board of Directors.
The Duckhorn Portfolio, Inc. (NYSE: NAPA) appoints Deirdre Mahlan as President, CEO, and Chairperson. Mahlan brings 30 years of industry experience and will focus on integrating Sonoma-Cutrer Vineyards acquisition, advancing route-to-consumer strategy, and driving profitable growth. The Company closed the acquisition of Sonoma-Cutrer Vineyards, enhancing its position in the luxury wine market. The Company is conducting a distribution network evaluation and expects third quarter net sales to be $91M-$93M due to soft wine market demand. The Company will provide updated fiscal 2024 outlook on June 6, 2024.
The Duckhorn Portfolio, Inc. (NYSE: NAPA) has successfully acquired Sonoma-Cutrer Vineyards for approximately $50 million in cash and stock, bolstering its position as a premier luxury wine producer in the US. The acquisition adds iconic Chardonnay brands to its portfolio and is expected to drive growth and value creation for stakeholders. This move aligns with the company's strategy to expand its luxury wine offerings and reach a broader consumer base.
