VICTOR, N.Y. (AP) Constellation Brands Inc. (STZ) on Friday reported a fiscal first-quarter loss of $245.4 million, after reporting a profit in the same period a year earlier. The Victor, New York-based company said it had a loss of $1.30 per share. Earnings, adjusted for one-time gains and costs, came to $2.21 per share.
The losses are attributed to its recent investment in Canopy Growth Corporation - a Canadian cannabis company.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.07 per share. The wine, liquor and beer company posted revenue of $2.28 billion in the period. Its adjusted revenue was $2.1 billion, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.06 billion.
Constellation Brands expects full-year earnings in the range of $8.65 to $8.95 per share. Constellation Brands shares have increased 17 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 17 percent. The stock has dropped 18 percent in the last 12 months.
