Constellation Brands Q4 profit falls but beats analyst estimates

Constellation Brands Q4 profit falls but beats analyst estimates

Constellation Brands Q4 profit falls but beats analyst estimates

Constellation Brands Inc.
STZ,
-0.58%

posted stronger-than-expected earnings for its fiscal fourth quarter Thursday although profit fell from the year-earlier period. The brewer of Corona beer said it had net income of $382.9 million, or $1.95 a share, in the quarter to Feb. 28, down from $398.4 million, or $2.04 a share, in the year-earlier period. Adjusted per-share earnings came to $1.82, ahead of the FactSet consensus of $1.58. Excluding losses from its stake in Canadian cannabis company Canopy Growth Corp.
CGC,
-3.11%

WEED,
-2.93%
,
EPS came to $1.93. The company said its beer business was boosted by a strong performance at off-premise channels, which more than offset weakness in on-premise channels with many bars and restaurants closed or operating at limited capacity during the coronavirus pandemic. Modelo Especial was number 1 import share gainer. In the wine and spirits business, high-end wine brands were boosted by double-digit growth for Kim Crawford, Meiomi and The Prisoner Brand family. For fiscal 2022, the company is expecting EPS to range from $6.90 to $7.20 and adjusted EPS excluding Canopy to range from $9.95 to $10.25. The current FactSet consensus is for EPS of $10.43. Shares were up 0.6% premarket, and have gained 7.3% in the year to date, while the S&P 500
SPX,
+0.15%

has gained 8.6%.