Becle, the manufacturer of José Cuervo sees improvement in sales growth

the mexican firm Beclewhich produces the famous tequila Jose Cuervoon Friday improved net sales estimates for 2022 in updating its guidance for next year, after posting a positive quarterly report.

The company now expects growth of between 13% and 19%, above the previous outlook of a single-digit average increase, published by the company in March, said CFO Fernando Suárez.

In a call to discuss third-quarter results released Thursday, Suarez said the group maintains its capex outlook for the period in the range of $225 million to $250 million.

Shares of Becle rose more than 4.5% on Friday following the announcements, on track for their best day in six months and outperforming Mexico’s main S&P/BMV IPC stock index, which rose just 0.3%.

During the conference call, the Mexican distiller also said that its businesses in the United States, Mexico and other parts of Latin America were affected by supply chain problems during the third quarter.

“Since last year, we’ve been under pressure on the glass,” Suarez commented. “It’s still an issue, but we’re working to get commitments from glass suppliers,” she added.

Becle on Thursday posted a 29.6% rise in third-quarter net profit to $85.2 million as it raised prices and boosted sales of its premium brands.

“Cuervo shows its ability to navigate the current stressed environment with solid results, beating our estimates,” Barclays analysts said in a report.