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Strong beer sales boost Constellation Brands’ first-quarter results
Strong beer sales boost Constellation Brands’ first-quarter results
Constellation Brands Inc. reported Thursday a first quarter profit and a year-over-year increase in first-quarter sales, driven by growth in its beer business, especially its Modelo Especial brand.
The company reported before markets opened that its first-quarter net income was $389.5 million, or $2.06 per Class A common share, compared to a net loss of $908.1 million, or $4.74 a share, in the same period last year.
Excluding one-time items, Constellation Brands posted adjusted earnings of $2.66 a share.
Third-quarter net sales increased to $2.36 billion from $2.03 billion.
Beer sales were up 21 percent in the quarter to $1.90 billion from $1.57 billion during last year’s quarter. Wine sales were up 2 percent to $465 million from $454.5 million a year ago.
Bill Newlands, Constellation Brands’ president and CEO, said he was pleased with the strong start to the fiscal year.
“Across the business we’re driving consumer demand for our exceptional portfolio of premium, high-end products while executing strong financial and operational performance,” Newlands said in a statement.
The company expects full-year earnings to be $10.50 to $10.80 a share.
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