Constellation Brands Inc. STZ posted better-than-expected fiscal first-quarter earnings on Friday, boosted by strength in its beer business where sales rose 11%. The company had net income of $135.9 million, or 74 cents a share, for the quarter to May 31, down from $389.5 million, or $2.09 a share, in the year-earlier period. Adjusted per-share earnings came to $2.91, ahead of the $2.83 FactSet consensus. Sales rose 7% to $2.525 billion from $2.343 billion a year ago, also ahead of the $2.
9 million, or 74 cents a share, for the quarter to May 31, down from $389.5 million, or $2.09 a share, in the year-earlier period. Adjusted per-share earnings came to $2.91, ahead of the $2.83 FactSet consensus. Sales rose 7% to $2.525 billion from $2.343 billion a year ago, also ahead of the $2.474 billion FactSet consensus. Beer sales rose 11%, driven by a 7.5% increase in shipments, due to strong growth for Modelo Especial, which recently replaced Bud Light as the best-selling beer in the U.