VICTOR, N.Y. (AP) — VICTOR, N.Y. (AP) — Constellation Brands Inc. (STZ) on Wednesday reported fiscal first-quarter profit of $877 million.
The Victor, New York-based company said it had net income of $4.78 per share. Earnings, adjusted for non-recurring gains, were $3.57 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.46 per share.
The wine, liquor and beer company posted revenue of $2.86 billion in the period. Its adjusted revenue was $2.66 billion, which missed Street forecasts. Eight analysts surveyed by Zacks expected $2.67 billion.
Constellation Brands expects full-year earnings in the range of $13.50 to $13.80 per share.
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