Constellation Brands Reports Improved Q3 Earnings, As Beer Sales Increase 16%

Shares of Constellation Brands Inc. rose a little more than 1% after the beer, wine and spirits company reported improved third quarter revenue and profit. Net income for the quarter was $406 million, or $1.98 per share, which is up 50% compared with the year earlier period. Constellation Brands didn't provide a table in its third quarter release with comparable numbers from the same quarter a year ago. Adjusted earnings per share for the third quarter were $1.96, above the $1.72 FactSet consensus. Sales for the quarter hit $1.8 billion, up 10% compared with a year ago and in line with FactSet's $1.8 billion consensus. The company said beer sales increased 16%, while sales of wine and spirits rose 5%. Constellation Brands increased its fiscal 2017 outlook on earnings per share, projecting a lower tax rate. The company expects earnings in the range of $6.55 per share to $6.65. The FactSet consensus on 2017 per-share earnings is $6.45 Shares of Constellation Brands are up 10% in the trailing 12 months, while the S&P 500 Index is up more than 12%.