Constellation Brands tops Wall St. estimates

Jun 28, 2019
Originally published on June 28, 2019 3:06 pm

Victor-based Constellation Brands is reporting profits and sales for its fiscal second quarter that topped Wall Street estimates.

The company reported a $245 million net loss related to a loss on its investment in the Canadian cannabis company Canopy Growth. But without that charge, comparable earnings per share improved 9% year over year to $2.40.

Sales were up 2% over last year to just over $2 billion.

The company’s president and CEO Bill Newlands says beer sales were strong, and he says that Constellation is benefitting from changes made to the wine and spirits portfolio.

He did express concern about Canopy’s recent financial report, but says that Constellation is supporting a more focused, long-term strategy.

Constellation Brands also boosted its projections for full-year earnings.