Constellation's Earnings, Net Sales Increase in 3Q
January 07 2021 - 8:17AM
Dow Jones News
By Allison Prang
Constellation Brands Inc.'s profit rose from a year ago as net
sales increased, and were also helped by the comparison to a year
earlier when Constellation's results included a hefty impairment of
assets held for sale.
Profit at the alcohol-seller was $1.28 billion, or $6.55 a
share, which was more than the $360.4 million, or $1.85 a share, in
earnings the company had a year earlier. Adjusted earnings at
Constellation were $3.09 a share. According to FactSet, analysts
were expecting $2.42 a share.
A year earlier, the company logged a $390 million impairment of
assets held for sale. For the most recent third quarter, that
impairment was $21 million.
Net sales rose to $2.44 billion, climbing 22% year over year.
Wall Street was expecting $2.23 billion.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
January 07, 2021 08:02 ET (13:02 GMT)
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