Constellation Brands Tops Estimates, Provides Strong Guidance
The alcohol and spirits maker beats analysts fiscal third-quarter estimates for both revenue and earnings.
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Constellation Brands (
STZ) - Get Report rose premarket Thursday after the alcohol and spirits maker reported fiscal third-quarter results that topped analyst estimates for the quarter, which ended in December.
The Victor, New York-based company reported quarterly revenue of $2.44 billion, a 22% year-over-year increase, with diluted earnings of $3.09 per share, a 44% year-over-year increase. Analysts were expecting revenue of $2.23 billion with earnings of $2.39 per share. The finalization of our Wine and Spirits transactions enhances the financial profile of our business and enables further debt reduction so that we can continue to execute our commitment to return $5 billion in value to shareholders through dividends and share repurchases through fiscal 2023, said Constellation CFO Garth Hankins