adplus-dvertising
Connect with us

Business

EU records first drop in sparkling wine exports in decade as champagne loses its fizz

Published

 on

The European Union’s exports of sparkling wine to the rest of the world fell last year for the first time in a decade, Eurostat said on Friday, largely because of a massive drop in champagne sales, though prosecco and cava sold well.

The COVID-19 pandemic dampened wine trade globally in 2020, the latest year for which data are available, as restaurants and bars remained closed for long periods.

Champagne was hit the hardest. Sales outside the EU of the famed French sparkling wine fell over 20% by volume to 66 million litres in 2020 from nearly 84 million litres the previous year.

That largely contributed to a 6% overall drop in EU exports of sparkling wines last year compared to 2019, the Eurostat data showed.

EU exports fell from a peak of 528 million litres in 2019 to 494 million litres in 2020 – still nearly twice the level recorded in 2010.

Of the three main categories of sparkling wine exported from the EU, only champagne recorded a significant drop by volume.

Prosecco, which is by far the most exported, recorded sales outside the EU of 205 million litres in 2020, compared to nearly 207 million litres in 2019.

Cava, which is produced in Spain, bucked the trend by increasing its extra-EU exports by more than 10% to 58 million litres in 2020, getting closer to replacing champagne as the second most sold EU sparkling wine outside the 27-nation bloc.

Total champagne sales, including in the EU, fell 18% last year by volume, producers’ group CIVC has estimated.

Despite the drop in sales by volume, vintage champagnes have proven a lucrative draw for investors this year, outperforming all major financial market assets from Big Tech to bitcoin. Salon le Mesnil’s 2002 vintage surged more than 80% in value in 2021 on online platforms.

 

(Reporting by Francesco Guarascio @fraguarascio; Editing by Gareth Jones)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

 on

 

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

 on

 

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

 on

 

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending