30 June, 2022

USA: Constellation Brands reports first-quarter profit topping analysts’ expectations

Constellation Brands Inc. on June 30 reported fiscal first-quarter earnings of $389.5 million, AP reported.

On a per-share basis, the Victor, New York-based company said it had profit of $2.06. Earnings, adjusted for non-recurring costs, came to $2.66 per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.51 per share.

The wine, liquor and beer company posted revenue of $2.54 billion in the period. Its adjusted revenue was $2.36 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $2.19 billion.

Constellation Brands expects full-year earnings to be $10.50 to $10.80 per share.

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