Corona maker Constellation Brands quarterly results top estimates

Earnings


Constellation Brands reported better-than-expected quarterly sales and profit on Thursday, driven by strong demand for its Corona and Modelo beers and premium wines.

Shares of the company rose nearly 3 percent in premarket trading.

Net income attributable to the company more than doubled to $925.5 million, or $4.64 per Class A share, in the fourth quarter ended Feb. 28.

The company’s latest quarter was helped by a $363 million gain due to the recently enacted U.S. tax law.

The company also raised quarterly dividends by 42 percent each on its Class A and Class B shares.

The maker of Robert Mondavi wines and Svedka vodka said sales rose 8.5 percent to $1.77 billion. Analysts on average were expecting $1.75 billion, according to Thomson Reuters.

Excluding items, the company earned $1.90 per share, above analysts’ estimates of $1.74 per share.



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