Constellation Brands earnings, sales rise above expectations
Constellation Brands Inc. reported Thursday fiscal first-quarter earnings that rose 33% from a year ago to $318 million, and earnings per share growth of 31% to $1.55. The spirits seller said 'comparable' EPS increased 22% to $1.54. The FactSet EPS consensus was $1.52. Sales grew 15% to $1.87 billion, above the FactSet consensus of $1.83 billion, with beer sales rising 19% and and wine a spirits sales increasing 8%. For fiscal 2017, the company expects 'comparable' EPS of $6.05 to $6.35, surrounding the FactSet consensus of $6.26. The stock, which was still inactive in premarket trade, has run up 12% year to date, while the S&P 500 has gained 1.3%.
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