Please ensure Javascript is enabled for purposes of website accessibility
Home / Industry / Public Companies / Constellation Brands beats expectations for Q3 profit, sales

Constellation Brands beats expectations for Q3 profit, sales

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.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected]


Check Also

Chili Community Center Library Fireplace

Library design and building ideas: A community dialogue (access required)

Library design is perhaps in its most exciting and demanding age. Libraries continue to remain relevant and are constantly changing ...

Best Places to Work For DEI honorees announced (access required)

The Rochester Business Journal has announced the honorees for the inaugural Best Places to Work For DEI awards. This regional ...

Guest opinion: Leadership is born out of a crucible (access required)

“It is not in the still calm of life or the repose of a pacific station that great characters are ...

Seen: 9/30/2022 (access required)

Saturday, Sept. 10 - The Heritage Hero Run + Stroll + Roll took place at Seabreeze Amusement Park in Irondequoit ...