Treasury Wine Estates: nothing to whine about

Treasury Wine Estates (ASX: TWE) announced yesterday that its half year earnings have exceeded expectations, with pre-tax earnings in the six months to December expected to be between $140 million and $150 million, above market expectations of $120 million. TWE CEO Michael Clarke said the company’s Asia business performance was particularly pleasing as it had benefitted from increased shipments to the region ahead of Chinese New Year in February. Full financial year earnings are now expected to be at the upper end of TWE’s forecast range of $270 million to $290 million. TWE shares closed up 19.7% this week. We own TWE in the investment portfolio.