Constellation brand Inc.
STZ,
shares fell 1.8% in premarket deals after the spirits maker reported lower third-quarter profit. Constellation Brands said its third-quarter net income fell to $467.7 million, or $2.52 a share, from $470.8 million, or $2.48 la a stock in the previous quarter. Adjusted profit at the spirits maker was $2.83 a share. Excludes loss from its stake in cannabis company Canopy Growth Corp.
CGC,
Constellation Brands earned $3.01 a share. Wall Street analysts expected Constellation Brands to earn $2.89 a share, according to a FactSet survey. Third-quarter net revenue at Constellation Brands rose to $2.44 billion from $2.32 billion, beating analysts’ estimates of $2.39 billion. Going forward, Constellation Brands expects full-year earnings of 15 cents to 35 cents a share, or adjusted earnings of $11 to $11.20 a share, versus analyst estimates. is $10.98 per share.
