Constellation Brands Profits Exceed $1.2B

The earnings exceeded projections.


VICTOR, N.Y. (AP) Constellation Brands Inc., the maker of wines, beers and spirits that include brands such as Corona, Svedka and Woodbridge, recently reported fiscal fourth-quarter profit of $1.24 billion.

On a per-share basis, the Victor, New York-based company said it had net income of $6.37. Earnings, adjusted for one-time gains and costs, were $1.84 per share. The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.

The wine, liquor and beer company posted revenue of $1.97 billion in the period. Its adjusted revenue was $1.8 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.73 billion. For the year, the company reported profit of $3.44 billion, or $17.57 per share. Revenue was reported as $8.12 billion.

Constellation Brands expects full-year earnings in the range of $8.50 to $8.80 per share. Constellation Brands shares have climbed 12 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent.