UPDATE 1-Australia's Treasury Wine Estates slumps after cut in earnings guidance [Reuters]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Reuters
UPDATE 1-Australia's Treasury Wine Estates slumps after cut in earnings guidance (Adds share milestones and broker action) Jan 29 (Reuters) - Shares of Treasury Wine Estates slumped more than 20% on Wednesday, its worst day in nearly six years, after the company downgraded its outlook for fiscal 2020 and 2021 due to increased competition in the United States. Treasury said after-market hours on Tuesday it expects EBITS (earnings before interest, tax, and the agricultural reporting standard SGARA - self-generating and regenerating assets) growth of about 5% to 10% for 2020. That compares with an earlier range of 15% to 20%. The wine maker’s shares plummeted as much as 22% to A$13.01, hitting its lowest level since August 2017. The owner of the Penfolds and Wolf Blass labels blamed unexpected changes in its U.S. management team, aggressive discounting, higher promotional activity in the U.S. market, where it said suppliers have moved surplus wine across the market at lower prices. At le
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