Constellation Brands: Fiscal 3Q Earnings Snapshot
VICTOR, N.Y. (AP) _ Constellation Brands Inc. (STZ) on Wednesday reported fiscal third-quarter earnings of $303.1 million.
On a per-share basis, the Victor, New York-based company said it had profit of $1.56. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $2.37 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.
The wine, liquor and beer company posted revenue of $2.16 billion in the period. Its adjusted revenue was $1.97 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.91 billion.
Constellation Brands expects full-year earnings in the range of $9.20 to $9.30 per share.
Constellation Brands shares have risen 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 3 percent. The stock has declined 21 percent in the last 12 months.