Constellation Brands: Fiscal 2Q Earnings Snapshot
VICTOR, N.Y. (AP) _ Constellation Brands Inc. (STZ) on Thursday reported fiscal second-quarter profit of $1.15 billion.
On a per-share basis, the Victor, New York-based company said it had net income of $5.87. Earnings, adjusted for non-recurring gains, came to $2.87 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.58 per share.
The wine, liquor and beer company posted revenue of $2.53 billion in the period. Its adjusted revenue was $2.3 billion, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.25 billion.
Constellation Brands expects full-year earnings in the range of $9.60 to $9.75 per share.
Constellation Brands shares have declined nearly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 9 percent. The stock has increased roughly 6 percent in the last 12 months.