Constellation Brands Reports Higher-Than-Expected 4Q Operating Profit
April 03 2020 - 8:21AM
Dow Jones News
By Matt Grossman
Constellation Brands Inc. reported an adjusted profit for its
fiscal fourth quarter ahead of analyst expectations on strong
growth in beer sales.
The company, which owns brands of alcoholic beverages, on Friday
posted a profit of $398.4 million, or $2.04 a share, compared with
a $1.24 billion profit, or $6.37 a share, for the previous fourth
quarter.
Adjusted earnings were $2.06 a share for the quarter. Analysts
polled by FactSet had forecast adjusted earnings of $1.64 a
share.
Revenue amounted to $1.9 billion for the quarter, up from $1.8
billion a year earlier. Analysts expected revenue of $1.84
billion.
Beer sales grew 8.9% year-over-year for the quarter, while net
sales of wine and spirits grew 1.2%. The company's beer brands
include Corona, Modelo and Pacifico, while its wine and spirits
group includes Svedka Vodka, Casa Noble Tequila and Robert Mondavi
wines.
The company's fiscal fourth quarter ended Feb. 9, before the new
coronavirus became a global pandemic. The last weeks of the quarter
coincided with the launch of Corona Hard Seltzer, which
Constellation said is off to a strong start.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 03, 2020 08:06 ET (12:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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