Australia's Treasury Wine Estates falls on California distributor exit, earnings downgrade

Shares of Treasury Wine Estates TWE.AX fall as much as ~3% to A$7.86, their lowest since early November 2020

Wine producer says one of its distributors will cease ops in California

Distributor's California business accounted for ~25% of TWE Americas' net sales revenue in H1

TWE downgrades full-year EBITS to ~A$770 million ($499.73 million), down from previously reported outlook of ~A$780 million

Attributes revision to lower-than-expected Premium portfolio shipments in the U.S.

Stock down 28.1% YTD

($1 = 1.5408 Australian dollars)