Crimson Wine Group, Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023
March 19, 2024 at 04:02 pm EDT
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Crimson Wine Group, Ltd. reported earnings results for the full year ended December 31, 2023. For the full year, the company reported sales was USD 72.4 million compared to USD 74.24 million a year ago. Net income was USD 3.12 million compared to USD 1.08 million a year ago.
Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.05 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.05 a year ago.
Crimson Wine Group, Ltd. owns and operates a collection of luxury wine brands from seven estate-based, boutique wineries located in the finest wine-growing regions of California, Oregon and Washington. It has two segments: Wholesale and Direct to Consumer. Wholesale segment includes sales through a third party where prices are given at a wholesale rate. Direct to Consumer segment includes retail sales in the tasting room, remote sites and on-site events, wine club net sales, direct phone sales, and other sales made directly to the consumer without the use of an intermediary. It, through its wholly owned subsidiaries, owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery and Malene Wines. Chamisal Vineyards owns 92 acres of vineyards in the Edna Valley, California, of which 52 acres are planted. Archery Summit owns 92 acres of estate vineyards in the Willamette Valley, Oregon.