Constellation Brands Inc. reported a drop in year-over-year third-quarter profit before markets opened Thursday.
The Victor-based firm reported net income of $468 million, or $2.52 a share, compared to $470.8 million, or $2.48 a share, in the previous year’s quarter. Adjusted net income was $2.83 a share.
Excluding losses from its stake in cannabis company Canopy Growth Corp., Constellation Brands earned $3.01 a share.
Sales were up five percent to $2.44 billion, driven by growth in the company’s beer business, notably its Modelo Especial and Modelo Chelada brands.
“Looking ahead, we remain confident that we can continue to build on our strong track-record of solid growth and value creation,” said Bill Newlands, Constellation Brands’ president and CEO.
The company also updated its guidance and now expects full-year earnings of 15 to 35 cents share or adjusted earnings of $11 to $11.20 a share.
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