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Constellation Brands
Inc.
STZ 4.89%
the producer and distributor of beer, wine and spirits said that sales of his beverages had increased in his last quarter due to higher volumes.
Beer sales rose 11% over last year, while wine and spirits sales rose 9%. The volume of beer shipments increased 8.7% while the volume of wine and spirits rose 8.8%.
Total sales increased 9% to $ 2.53 billion, ahead of analysts' consensus forecast of $ 2.25 billion.
For the quarter ended August 31, the company reported earnings of $ 1.15 billion, or $ 5.87 per Class A share, compared to $ 501.6 million, or $ 2.49 per class share. A, for the same quarter of the previous year. Adjusted earnings were $ 2.87 per share versus $ 2.59 per share sought by analysts surveyed by Refinitiv.
Constellation has raised its earnings outlook for fiscal 2019. According to published data, the company posted earnings of between $ 14.10 and $ 14.25 per share, from $ 10.93 to $ 11.23 per share. action, as previously stated.
On an adjusted basis, the company expects earnings per share of between $ 9.60 and $ 9.75, compared to $ 9.40 and $ 9.70 as previously reported.
He reiterated that his forecast of sales growth for the beer sector was between 9% and 11%, and between 2% and 4% for wines and spirits.
The company said the outlook excludes any effect of its $ 4 billion impending investment in a Canadian marijuana producer
Cover growth
Corp.
, a major bet on the potential global market for beverages and other cannabis-based products.
The latest agreement reached by Constellation follows an initial investment last year, when the group took a 10% stake in Canopy and announced the development of cannabis-infused soft drinks for Canada and other legal markets.
The company's results include an unrealized gain of $ 639 million related to its current investment in Canopy. Since its initial investment, the company has reported unrealized gains of $ 1.3 billion related to Canopy.
Constellation shares rose 3.9% in pre-trade negotiations on Thursday. Shares fell 7.8% for the year.
Write to Kimberly Chin at [email protected]
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