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The Duckhorn Portfolio, Inc. (NAPA) Stock Plunged 5.13% After-Hours, Here’s Why   

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The Duckhorn Portfolio, Inc. (NAPA) stock plummeted 5.13% in the after-hours trading session at the price of $21.25 following the announcement of the proposed public offering of common stock. NAPA is the leading producer and seller of luxury wines in North America. Duckhorn Vineyards, Migration, Canvasback, Goldeneye, and Paraduxx are its acclaimed Portfolios.  

NAPA Announced Public Offering of Common Stock 

On 12th October 2021, NAPA published a public offering of 12,000,000 shares of its common stock by the selling stockholders. The stockholders aim to grant a 30-day option to buy 1,800,000 more shares of common stock. NAPA will not get any interest from the sale of the shares by the sellers. The offering is subject to customary closing conditions. There is no information about the completion and the actual size or terms of the offering. 

NAPA Fourth Quarter and Fiscal 2021 Earnings Report 

On 4th October 2021, NAPA announced its earnings report for the three months ended 31st July 2021 and provided corporate updates. 

Fourth Quarter Financial Highlights 

NAPA reported net sales of $70.9 million for the fourth quarter ended 31st July 2021. It represents an increase of $18.7 million or 35.7% from the prior-year same period. Gross profit was $34.4 million in the fourth quarter of 2021. It is $8.5 million or 32.7% higher compared to the same period of 2020. Adjusted gross profit was $34.7 million during the quarter ended 31st July 2021. It represents an increase of $8.2 million or 30.9% from the previous year’s same quarter.  

NAPA reported a net income of $7.4 million or $0.06 per share for the fourth quarter of 2021. Net loss was $(2.7) million or $(0.03) per diluted share in the fourth quarter of 2020. The adjusted net income was $9.2 million or $0.08 per diluted share during the quarter ended 31st July 2021. The adjusted net income was $7.4 million or $0.07 per diluted share in the previous year same quarter. As of 31st July 2021, cash and cash equivalents were $4.2 million. 

Fiscal Year 2021 Financial Summary 

NAPA reported net sales of $336.6 million for the fiscal year 2021. It represents an increase of $66.0 million or 24.4% compared to fiscal 2020. Gross profit was $167.3 million for fiscal 2021. It represents a gain of $30.5 million or 22.3% from the previous year. For fiscal 2021, net income was $56.0 million or $0.52 per diluted share. Net income was $32.4 million or $0.32 per diluted share in fiscal 2020.

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