Shares of Duckhorn Portfolio (NYSE: NAPA) were down 12% on Thursday after the California-based winemaker announced weaker-than-expected quarterly results.

For its fiscal first quarter ended Oct. 31, 2023, Duckhorn's revenue fell 5.2% year over year to $102.5 million, translating to adjusted (non-GAAP) net income of $15.5 million, or $0.13 per share. Analysts, on average, were expecting higher earnings of $0.15 per share on revenue of $103.6 million.

Even so, Duckhorn Chairperson and CEO Deirdre Mahlan noted the quarter's results were near the higher end of management's expectations, particularly as the company "lapped an unseasonably strong first quarter in the prior year."

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Source Fool.com