Constellation Brands Uncorks Big Q1 Earnings Beat as Wine Focus Boosts Sales

Jun 28, 2019

(TheStreet) - Constellation Brands (STZ - Get Report) posted stronger-thane-expected first quarter earnings Friday, and boosted its full-year profit outlook, as the Corona beer maker continues to reap the rewards of selling its low-end wine brand portfolio for around $1.7 billion earlier this year.

Constellation said comparable earnings for the three months ending in May, the group's fiscal first quarter, came in at $2.21 per share, up modestly from the same period last year but firmly ahead of the Street consensus of $2.07 per share. Group revenues, Constellation said, rose 2% to $2.097 billion and also topped analysts' estimates of a $2.07 billion tally.

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