Constellation Brands president and CEO Robert Sands: “It has been another dynamic quarter for our business." (RBJ photo by Kimberly Simpson)
Constellation Brands Inc. on Thursday reported an increase in third-quarter profit and sales, beating Street estimates.
Net income attributable to Constellation Brands was $406 million, or $1.98 a share, versus net income of $270.5 million, or $1.33 a share, a year ago.
Sales were $1.81 billion, up 10 percent from $1.64 billion. Net sales for beer increased 16 percent, while wine and spirits net sales were up 5 percent.
Analysts polled by Zacks Investment Research expected Constellation Brands to report earnings per share of $1.70 on sales of $1.78 billion.
The company also repurchased 2.4 million shares of common stock for $367 million during the quarter.
“It has been another dynamic quarter for our business and I am proud of our impressive financial results and recent accomplishments,” said Robert Sands, Constellation Brands’ president and CEO, in a statement.
Shares of Constellation Brands (NYSE:STZ) were down nearly 6 percent midday to $148.68 from Wednesday’s close of $157.99. Published reports have speculated that people are unsure about how President-elect Donald Trump’s proposed tax laws could affect the business, which imports Mexican beer brands such as Corona and Modelo Especial.
The company expects fiscal 2017 earnings per share in the range of $7.55 to $7.65.
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