Constellation Brands Inc. shares surged almost 4% in premarket trading Wednesday, after the wine, beer and spirits distributor beat profit estimates for its fiscal second quarter. The company said it had net income of $302 million, or $1.49 a share, in the quarter, up more than 50% from the same period a year ago. Adjusted per-share earnings came to $1.56, well ahead of the FactSet consensus of $1.32. Sales rose 8% to $1.73 billion, in line with the FactSet consensus. Sales were driven by the beer business, which is also behind an increase in the full-year EPS outlook, Chief Executive Rob Sands said in a statement. "Our wine and spirits business posted improved margins, strong sales growth for our spirits portfolio and excellent financial results for our Canadian business," he said. The company is still expecting full-year sales to grow about 10%, and now expects adj. EPS of $5.00 to $5.20. Shares have gained 34% in the year so far, while the S&P 500 has lost 3.8%.
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