Mexican tequila maker Cuervo sees full-year net sales growth in the mid-teens (updated)

Becle SAB de CV

28/10/2022 17:36

(Adds context, quote)
       MEXICO CITY, Oct 28 (Reuters) - Mexican distiller Becle,
better known as the parent company of tequila brand Jose Cuervo,
updated its 2022 full-year guidance on Friday, improving net
sales estimates after a positive quarterly report the day
before.
    Becle  CUERVO.MX  now expects full-year net sales growth in
the mid-teens, Chief Financial Executive Fernando Suarez said,
up from a prior outlook of mid-single digit growth the company
posted in March.
    In a call to discuss its third quarter results, Suarez said
the company is maintaining its CAPEX outlook for the period in
the $225 million-$250 million range. 
    During the conference, the Mexican distiller also noted its
businesses in the United States, Mexico and elsewhere in Latin
America were affected by supply chain issues in the third
quarter.
    "Since last year we have been under pressure on glass ... it
continues to be an issue but we are working towards obtaining
commitments with glass suppliers," Suarez said. 
    Becle posted on Thursday a 29.6% jump in third-quarter net
profit, to 1.71 billion pesos ($85.2 million), as it hiked
prices and boosted sales of its premium brands. 
 (Reporting by Aida Pelaez-Fernandez; editing by Jonathan Oatis
and Chris Reese)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com;))