Constellation Brands: raises guidance as beer sales rise
(CercleFinance.com) - Corona brewer Constellation Brands said that it delivered "strong" performance in the third quarter and raised its profit outlook for the year, sending its shares up in early trading on Wednesday.
The company based in Victor, New York, which makes Svedka vodka and Robert Mondavi wines, raised its profit forecast to 9.45 dollars-9.55 dollars per share for the fiscal year ending 28 February.
It previously expected 9.20 dollars a share.
Constellation's net income fell to 267 million dollars, or 1.85 dollar per share, in the third quarter, from 556.5 million dollars, or 1.56 dollar per share, a year earlier.
On a comparable basis, the company earned 2.14 dollars per share.
Net sales rose by 1% to almost 2 billion dollars, with beer sales up 8% at 1.3 billion dollars in the quarter ended in November.
The company's shares were trading at 186.1 dollars, up 1.4%, on Wednesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company based in Victor, New York, which makes Svedka vodka and Robert Mondavi wines, raised its profit forecast to 9.45 dollars-9.55 dollars per share for the fiscal year ending 28 February.
It previously expected 9.20 dollars a share.
Constellation's net income fell to 267 million dollars, or 1.85 dollar per share, in the third quarter, from 556.5 million dollars, or 1.56 dollar per share, a year earlier.
On a comparable basis, the company earned 2.14 dollars per share.
Net sales rose by 1% to almost 2 billion dollars, with beer sales up 8% at 1.3 billion dollars in the quarter ended in November.
The company's shares were trading at 186.1 dollars, up 1.4%, on Wednesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.