As the trading week continues to be particularly interesting following the presidential inauguration, it may be time for investors to look into stocks like Scheid Vineyards Inc. (OTC: SVIN). The company was in the news cycle on Monday after it announced its financial results for the nine-month period that ended on November 30, 2024.
Financial Performance
Scheid Vineyards announced that it generated revenues of $43.3 million in the nine-month period, and that reflected a 17% decline from the $52.4 million that had been generated in the corresponding period in 2023. The company noted that the decline was mainly brought about by the slowdown in the bottled wine market in 2024. The bulk wine sales recorded by the company in the period were $2.1 million, which recorded a decline of 22% from the $2.7 million generated in the prior year period.
Key Numbers
In the news release, Scheid Vineyards also noted that the revenues it generated from storage and processing went down by as much as 50% year on year to $5.2 million from $10.4 million the prior year period. That came about owing to the end of a winery processing contract and lower harvest in 2024. It remains to be seen how the market reacts today.
