Constellation Brands Posts Disappointing Quarter

The Corona beer and Robert Mondavi wine marketer trimmed its forecast for the year.

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VICTOR, N.Y. (AP) β€” Constellation Brands Inc. on Thursday reported fiscal third-quarter earnings of $467.7 million.

On a per-share basis, the New York-based marketer of Corona beer and Robert Mondavi wine said it had net income of $2.52. Earnings, adjusted for non-recurring costs and restructuring costs, came to $2.83 per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.88 per share.

The wine, liquor and beer company posted revenue of $2.62 billion in the period. Its adjusted revenue was $2.44 billion, which topped Street forecasts. Seven analysts surveyed by Zacks expected $2.39 billion.

Shares of the company fell $22.48 to $208.68 Thursday after it trimmed its profit forecast for the year. Constellation expects full-year earnings to be 15 cents to 35 cents per share.

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