Treasury Wine shares surge after annual earnings beat estimates

Sydney

TREASURY Wine Estates Ltd, the world's largest listed vintner, surged after posting annual earnings that beat analyst estimates as sales to Asian consumers boosted revenues in the region by 46 per cent.

Earnings before interest, tax, adjustments for the value of vineyards and one-time items came to A$225 million (S$232 million) for the 12 months ended June 30, the maker of Penfolds Grange said in a regulatory statement on Wednesday. That compares to A$185 million in the measure, known as Ebita, a year earlier, and beat the A$213 million average of 10 analyst estimates compiled by Bloomberg.