Constellation Brands Earnings Pop Thursday, July 1, 1:55 PM ET
Constellation Brands (NYSE:STZ) posted a pop in fiscal first quarter earnings today and hiked its forecast.
The world’s largest winemaker, also parent to Paul Masson whisky, Svedka vodka and Corona beer, said it earned $49.1 million, or $0.22 per share, vs. $6.5 million, or $0.03 per share, in the same quarter last year.
Revenue dipped by less than 1%, to $787.5 million.
Constellation said adjusted earnings totaled $0.38 per share, ahead of analyst forecasts, and it hiked it full-year outlook to earnings in a range of $1.63 to $1.78, compared to a prior forecast of $1.53 to $1.68 per share. Constellation said that, despite macroeconomic and competitive challenges, it is encouraged by improving market trends in the U.S. wine and beer business. Constellation shares are trading lower by a little over three percent.
A check of its fellow “spirits” stocks: Diageo (NYSE:DEO) is trading higher by almost nine tenths of a percent, while brewer AB InBev (NYSE:BUD) is trading higher by almost 1.4 percent, and Molson Coors (NYSE:TAP) trades about even.
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