The ( ) share price is marching higher today. Shares in the (ASX: XJO) global wine company closed yesterday trading for $12.11.
In morning trade on Thursday, shares are swapping hands for $12.29 apiece, up 1.5%.
For some context, the ASX 200 is up 0.3% at this same time. This outperformance comes following the release of Treasury Wine's full year financial for the 12 months ending 30 June (FY 2024).
Here are the highlights. The Treasury Wine share price is moving higher today, with investors taking the widely expected 61.1% year-on-year profit decline in stride.
That decline was driven by a non-cash impairment charge of $354 million ($290 million post-tax) relating to the Treasury Premium Brands division. Despite the profit dip, Treasury Wine's full year dividend payout comes out to 36 cents per share. This represents 72% of the company's NPAT and is up 16% from the total dividends paid out in FY 2023.
Among the positives for the Treasury Wine over the financial year was the removal of tariffs on Australian wine imports into China. The company said it then immediately commenced the re-establishment of its Penfolds Australian COO portfolio in China through 4Q24. Treasury Wine said strong shipment demand from customers and initial depletions were in line with its expectations.
Corporate costs increased 4.4% from FY 2023, driven by general inflationary pressures. Commenting on the results boosting the Treasury Wine share price today, CEO Tim Ford said, "Our fiscal 2024 performan.