USA: Constellation Brands’ Q3 results surpass analysts’ expectations
Constellation Brands on January 7 reported fiscal third-quarter profit of $1.28 billion.
The Victor, New York-based company, whose Chicago-based beer division imports Corona and Modela beers, said it had profit of $6.55 per share. Earnings, adjusted for nonrecurring gains, came to $3.09 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.41 per share.
The wine, liquor and beer company posted revenue of $2.64 billion in the period. Its adjusted revenue was $2.44 billion, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.27 billion.
Constellation Brands expects full-year earnings in the range of $9.80 to $10.05 per share.
Constellation Brands shares have risen 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased 16%. The stock has climbed 17% in the last 12 months.
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