Beer And Wine Maker Constellation Brands Reports Improved Q2 Earnings, Sales
Constellation Brands Inc. shares rose 4% in premarket on Wednesday after the company reported better-than-expected sales and revenue for the fiscal second quarter. Net income for the quarter came in at $359 million, or $1.75 per share, which is up 17% compared with the same period last year. Adjusted earnings per share were $1.77, which beat the $1.65 FactSet consensus. Sales hit $2.02 billion during the quarter, up 17% from last year, and came in above the FactSet consensus of $1.96 billion. The beer, wine and spirit producer also raised its 2017 fiscal year guidance on EPS to a $6.30 to $6.45 range, above FactSet's expected $6.28 for the year. Shares of Constellation Brands have increased more than 16% in the year to date, outperforming the S&P 500 Index , which is up 5%.
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