Constellation Brands Inc. (STZ) shares jumped 7.4% in Friday premarket trading after the beer, wine and spirits producer reported fiscal first-quarter earnings and sales that beat expectations. Constellation's portfolio of brands includes Corona and Modelo beers and Svedka vodka. Net loss for the quarter was $245.4 million, or $1.30 per share, after income of $743.8 million, or $3.77 per share, last year. Excluding Canopy Growth Corp. (WEED.T), EPS was $2.40. Canopy Growth is a Canadian cannabis company that Constellation has a $4 billion investment in. Sales totaled $2.10 billion, up from $2.05 billion in 2018. The FactSet consensus was for EPS of $2.05 and sales of $2.07 billion. For fiscal 2020, Constellation expects EPS of $4.95 to $5.25. Excluding Canopy Growth, the company is guiding for EPS of $8.65 to $8.95. "[T]he company continues to evaluate the future potential equity earnings impact from the Canopy equity method investment and related activities and, as such, these items have been excluded from the guidance assumptions noted above," the earnings release said. Constellation stock is up 17% for the year to date while the S&P 500 index has gained 16.7% for the period.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 28, 2019 07:52 ET (11:52 GMT)
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