Constellation Brands Shares Rise After Earnings Beat Estimates

Constellation Brands Inc. shares rose 1.3% in Thursday premarket trading after the company reported earnings that beat expectations. Net income for the quarter totaled $402.8 million, or $2 per share, up from $318.3 million, or $1.55 per share, for the same period last year. Adjusted EPS was $2.34, ahead of the $1.98 FactSet consensus. Sales totaled $1.94 billion, up from $1.87 billion last year, but below the FactSet consensus of $1.95 billion. Constellation Brands' portfolio includes Corona and Modelo beers, Robert Mondavi and Clos du Bois wines and spirits brands like Svedka vodka. Beer sales were up 8% while wines and spirits fell 4%. Constellation sees fiscal 2018 adjusted EPS of $7.90 to $8.10. The FactSet consensus is $7.96. Constellation shares are up nearly 20% for the year to date while the S&P 500 index is up 9% for the period.