ROCHESTER, N.Y. (AP) — ROCHESTER, N.Y. (AP) — Constellation Brands Inc. (STZ) on Tuesday reported fiscal first-quarter earnings of $516.1 million.
The Rochester, New York-based company said it had net income of $2.90 per share. Earnings, adjusted for non-recurring costs, came to $3.22 per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.34 per share.
The wine, liquor and beer company posted revenue of $2.68 billion in the period. Its adjusted revenue was $2.52 billion, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $2.57 billion.
Constellation Brands expects full-year earnings in the range of $12.60 to $12.90 per share.
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