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Treasury Wine Estates Limited (ASX:TWE) expects a $160 million hit to pre-tax earnings for the full year, as it offers discounts to move excess stock and destroys aged inventory.
Treasury says it expects earnings to be in line with analyst estimates of $216 million before material items, including the $160 million provision.
Treasury has allowed $35 million to destroy old stock and $40 million for discounts to speed up the sale of excess wines in the US.
The company says it will have excess bulk and finished wine as well as onerous grape contracts after reducing US shipments, estimated at $85 million.
In fiscal 2014 the business will allow $30 million for a reduction of shipments in the US.
Treasury Wine Estates delivered a net profit of $52.4 million in the first half of fiscal 2013.
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