Constellation Brands 2Q Sales Growth Driven by Beer Brands
October 06 2021 - 8:24AM
Dow Jones News
By Matt Grossman
Constellation Brands Inc. on Wednesday posted an increase in
sales in the fiscal second quarter as beer-brand growth drove
higher revenue, though the company's adjusted profit fell short of
expectations.
The alcoholic-beverages company logged earnings of one cent per
share, a decline from $2.62 per share of Class A common stock 12
months earlier. Constellation's net income was $1.5 million, down
from $512.1 million in the year-earlier period.
Stripping out one-time items, Constellation's adjusted earnings
were $2.38 a share. Analysts surveyed by FactSet had forecast
adjusted earnings of $2.79 a share.
Net sales excluding excise taxes were $2.37 billion, a rise from
$2.26 billion in the year-ago quarter. Analysts had forecast net
sales of $2.3 billion.
Net beer sales for brands such as Corona and Modelo grew 14%
year over year to $1.86 billion. Constellation's wine and spirits
sales declined 18% to $509.8 million, but grew 15% year over year
on an organic basis excluding products that are no longer part of
the business, the company said.
Constellation said it earned $120.5 million in earnings from its
investment in Canopy Growth Corp., a Canadian cannabis company.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 06, 2021 08:09 ET (12:09 GMT)
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