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%.