TWE Affirms Earnings Forecast, Even With Challenges In U.S., ChinaOctober 23, 2013
Earlier today at Treasury Wine Estates’ annual general meeting, interim CEO Warwick Every-Burns reaffirmed the company’s earnings projections for fiscal 2014, even as he conceded that it “will be a challenging year for TWE, with our EBITS strongly influenced by the depletions performance we deliver in the United States and a range of other factors.”
Every-Burns added that TWE is “observing signs that consumer pull-through in China is softening as a result of the recent leadership change and well-documented government austerity measures.” Still, he said the company remains committed to an EBITS range of between A$230 million-A$250 million ($222m-$241m) for fiscal 2014, ending June 30, 2014.
Meanwhile, TWE chairman Paul Rayner said the company is continuing its global search for a new permanent CEO to replace David Dearie, who was ousted last month. Executive recruitment firm Spencer Stuart is leading the search. Every-Burns has been clear that he doesn’t wish to retain the job on a permanent basis.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Treasury Wine Estates