Constellation Brands earnings top estimates

Constellation Brands Inc.’s posted better-than-expected earnings for its fiscal second quarter, but the stock still fell in early trade. The company posted net income of $690.0 million, or $3.74 a share, for the quarter to Aug. 31, after a loss of $1.15 billion, or $6.30 a share, in the year-earlier quarter. The company’s adjusted EPS came to $3.

70, well ahead of the $3.37 FactSet consensus. Sales rose to $2.837 billion from $2.655 billion a year ago, also ahead of the $2.824 billion FactSet consensus. The company is now expecting fiscal 2024 EPS of $9.60 to $9.80 and adjusted EPS of $12.00 to $12.20, compared with an $11.72 FactSet consensus. The stock has gained 8% in the year to date, while the S&P 500 SPX, +0.81% has gained 11%.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What to expect when beer king Constellation Brands reports earnings Thursday morningWe're bullish on Constellation Brands (STZ) ahead of its earnings print, even as consumers are pressured in a tough economy.
Source: CNBC - 🏆 12. / 72 Read more »

Swedish EV company Polestar delivered 13,900 vehicles in Q3, on track for 60,000 to 70,000 for the yearCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »