Brewer Constellation Tops Wall St Estimates For Sales
Constellation Brands Inc on Thursday reported quarterly sales well above analysts' estimates, as its popular beer brands Corona and Modelo performed well.
Net sales fell about 2% to $1.80 billion, but was above analysts' estimates of $1.74 billion, according to Refinitiv IBES data.
Net income attributable to the company rose to $1.24 billion, or $6.37 per class A common share, for the fourth quarter ended 28 February from $910.5 million, or $4.56 per share, a year earlier.
On Wednesday, the company said it would sell about 30 of its wine and spirit brands that retail under $11 a bottle to California-based E. & J. Gallo Winery for $1.7 billion, as the brewer streamlines its portfolio of premium brands such as Robert Mondavi, Meiomi and Kim Crawford.