By Allison Prang

 

Constellation Brands Inc. said net sales dropped more than 3% in the second quarter, while the company swung to a profit from a year-earlier loss.

The beverage company said Thursday that net profit for the second quarter was $512.1 million, or $2.62 a share. In the year-earlier quarter, Constellation had a net loss of $525.2 million, or $2.77 a share.

Adjusted earnings were $2.76 a share. According to FactSet, analysts had been expecting $2.51 a share.

Net sales were $2.26 billion, down 3.6% from a year earlier. Analysts had expected $2.19 billion.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

October 01, 2020 08:05 ET (12:05 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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