Constellation Brands Inc. (STZ) Profit Climbs 9 Percent
Constellation Brands Inc. said Thursday its second-quarter profit rose 9.2 percent as strong liquor sales helped offset a drop in wine shipments to U.S. wholesalers and heightened competition in Britain.
The beer, wine and spirits company raised its profit outlook for the full year. Its shares edged up nearly 2 percent.
Earnings available to common shareholders came to $72.1 million, or 33 cents a share, in the quarter ended Aug. 31, up from $66 million, or 28 cents a share, a year earlier when it carried hefty restructuring charges.
Excluding one-time items, profit fell to 35 cents a share from 43 cents in last year's second quarter.
Sales after excise taxes dipped 37 percent to $892.6 million from $1.42 billion a year ago as gains from newly acquired Svedka Vodka were more than offset by a recent accounting change in the way it records revenue from its Crown Imports and Matthew Clark wholesale beer business joint ventures.
The results still beat Wall Street expectations. Analysts surveyed by Thomson Financial had anticipated earnings of 32 cents a share on sales of $878.8 million.
The beer, wine and spirits company raised its profit outlook for the full year. Its shares edged up nearly 2 percent.
Earnings available to common shareholders came to $72.1 million, or 33 cents a share, in the quarter ended Aug. 31, up from $66 million, or 28 cents a share, a year earlier when it carried hefty restructuring charges.
Excluding one-time items, profit fell to 35 cents a share from 43 cents in last year's second quarter.
Sales after excise taxes dipped 37 percent to $892.6 million from $1.42 billion a year ago as gains from newly acquired Svedka Vodka were more than offset by a recent accounting change in the way it records revenue from its Crown Imports and Matthew Clark wholesale beer business joint ventures.
The results still beat Wall Street expectations. Analysts surveyed by Thomson Financial had anticipated earnings of 32 cents a share on sales of $878.8 million.
Labels: Constellation Brands Inc., STZ
posted by Stock Administrator @ 4:04 PM
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