Improved sales in a re-opening economy led Andrew Peller to a 1.4% jump in revenue during the most-recent quarter, even as earnings rocketed 28.6% due to lower costs.
The company has a consistent track record of paying dividends and raising its payout.
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ANDREW PELLER LTD. (A shares; Toronto symbol ADW.A; www.andrewpeller.com) is Canada’s second-largest winemaker after Arterra Wines.
Peller’s wineries are in Ontario (Niagara), British Columbia (Okanagan and Similkameen Valleys) and Nova Scotia. It also produces other premium-priced beverages, including whisky, beer and cider.
The winemaker’s sales in the quarter ended December 31, 2022, rose 1.4%, to $104.9 million from $103.5 million a year earlier. The gain is due to higher prices and the re-opening of bars and restaurants. Earnings per share also improved 28.6%, to $0.09 from $0.07.
Dividend Stocks: Payout should be safe as sales climb and costs drop for Andrew Peller
The stock is down significantly in recent times, mainly because rising operating costs are squeezing its profit margins. However, the company is now raising its selling prices and cutting costs.
Peller’s sales should continue to move higher as the economy re-opens. As well, those cost cuts should let it maintain the current annual dividend rate.
The company last raised your quarterly dividend by 10% with the July 2021 payment. The new annual rate of $0.246 per class A share yields a high 5.1%.
Shareholders have received dividends from Peller since 1979. It has also increased the annual rate by an average 6.4% each year for the past five years. Andrew Peller has an Above Average TSI Dividend Sustainability Rating.
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