Mondavi Lowers Earnings Estimate
Robert Mondavi Corp., the maker of Woodbridge and Opus One wines, said it slashed its earnings estimate for its fiscal second quarter by $3.9 million, or 23 cents a share, as a result of the planned sale of part of its Chilean winemaking venture.
The Oakville, Calif.-based company said it now estimated earnings of 52 cents to 57 cents a share for the period ended Dec. 31, compared with 60 cents a year earlier.
Under its joint venture with the Eduardo Chadwick family of Chile’s Vina Errazuriz, Mondavi produces the Sena, Arboleda and Caliterra wine brands.
The company agreed to sell its interest in the Caliterra brand and assets to Vina Errazuriz.
Mondavi’s shares fell $1.39 to $36.88 on Nasdaq.
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