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Home>Constellation Brands' stock jumps after profit beat, raised outlook

Constellation Brands' stock jumps after profit beat, raised outlook

Constellation Brands' stock jumps after profit beat, raised outlook

10/05/2017

Shares of Constellation Brands Inc. (STZ) shot up 3.9% in premarket trade Thursday, after the owner of brands including Corona Light, Robert Mondavi and Ballast Point, beat fiscal second-quarter profit expectations and raised its outlook. Net income for the quarter to Aug. 31 rose to $499.5 million, or $2.48 a share, from $358.9 million, or $1.75 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.47, which beat the FactSet consensus of $2.17. Net sales rose to $2.08 billion from $2.02 billion, above the FactSet consensus of $2.06 billion, as better-than-expected beer division sales helped offset a miss in wine and spirits division sales. Looking ahead, the company raised its adjusted EPS outlook to $8.25 to $8.40 from $7.90 to $8.10. The stock has soared 31.2% year to date through Wednesday, while the S&P 500 has gained 13.4%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-05-17 0758ET

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