Posted 10/26/2023, 7:18:00 PM
Stronger Peso Hurts Becle, World's Largest Tequila Maker, Cutting Market Value by $1.5 Billion
- Becle, the world's largest tequila maker, lost $1.5 billion in market value after peso gains hurt profits.
- Stronger peso devalued foreign income, with most sales in dollars. Volumes outside U.S. also shrank.
- Company plans to continue shifting to premium liquor market.
- Lower agave prices could benefit earnings in 2H 2023 as costs roll through.
- Analysts say company is past peak agave prices.