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Constellation Brands Inc. announced a lower-than-expected quarterly profit on Friday because of higher marketing and transportation costs, which led the Corona beer maker to maintain its profit forecasts for the year ahead. year, also at a disappointing level.
Constellation shares fell more than 6% after the opening of the US market
The company said the increase in freight costs, the appreciation of the dollar and a increased marketing affected the operating margin of its market. He added that marketing expenses increased by 1.1% thanks to investments to promote his new Corona Premier and Corona Family beers.
The company, also winemaker Robert Mondavi and Svedka vodka, confirms its earnings guidance for the year between $ 9.40 and $ 9.70 per share, far from the estimates of a 9 , $ 73, according to Thomson Reuters I / B / E / S.
Net income attributable to the company increased to $ 743.8 million, or $ 3.77 per Clbad A share, in the first quarter ended May 31, compared with $ 398.5 million or $ 1.98 per paper a year earlier.
Excluding the items, Constellation earned $ 2.20 per share, less than the average forecast of $ 2.43 by badysts. The turnover rose 6% to $ 2.05 billion
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