Constellation Brands Profit And Sales Beat Estimates
Constellation Brands inc. said Thursday it had net income of $271 million, or $1.33 a share, in its fiscal third quarter, up about 22% from the year-earlier period. Adjusted per-share earnings came to $1.42, well ahead of the FactSet consensus of $1.31. Sales rose 6% to $1.64 billion, also ahead of the FactSet consensus of $1.62 billion. "Our wine and spirits business significantly improved margins driven by the Meiomi wine acquisition, as well as favorable mix trends and COGS benefits, while the Canadian business posted solid results, gaining dollar share across major market segments," Chief Executive Rob Sands said in a statement. The distributor of alcohol brands, including Cornoa beer, Robert Modavi wines and Svedka vodka raised its free cash flow outlook for the full year, and lowered its capex outlook. It said it now expects full-year EPS of $5.30 to $5.40, which compares with a current FactSet consensus of $5.96. Shares rose 1.3% in premarket trade, and are up 39% in the last 12 months, while the S&P 500 has lost 1.8%.
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