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Thursday, October 01, 2009
Constellation Brands Beats Profit Expectations
By Matt Egan
FOXBusiness
Constellation Brands (STZ) easily beat the Street Thursday morning with a non-GAAP profit of 54 cents per share, sending the company’s stock climbing in pre-market action.
The maker of Robert Mondavi wine said quarterly revenue fell 8% to $876.8 million but that exceeded analysts’ forecast for $835.8 million. Consensus estimates called for EPS of 41 cents.
The wine and spirits maker also reiterated its full-year earnings guidance.
Constellation’s shares jumped to $16.35 in the premarkets after closing at $15.15 on Wednesday. The company’s stock is down almost 4% year-to-date and 30% from a year ago.
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