Constellation Swings to Profit and Tops Estimates

Constellation Brands  (STZ) – Get Report swung to a fiscal-second-quarter profit from a year-earlier loss, topping analyst estimates for the period. 

For the quarter ended Aug. 31 the Victor, N.Y., liquor producer reported net income of $512.1 million, or $2.62 per Class A share, compared with a loss of $525.2 million, or $2.77, in the year-earlier quarter. 

The latest adjusted earnings of $2.76 a share exceeded the consensus analyst expectation of $2.51 a share in a survey by FactSet. 

Net sales for the period fell 3.6% to $2.26 billion, also topping the analyst estimate of $2.19 billion. 

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