Constellation Brands Q2 Profit Surges
on 04/10/13 at 8:47 amIndustry
Alcoholic beverage maker Constellation Brands, Inc. (STZ: Quote,CBR.AX,STZ-B: Quote) on Thursday reported a profit for the second quarter that surged from last year, as results were helped by the company’s acquisition of Grupo Modelo’s S.A.B. de C.V.’s (GPMCY) U.S. beer business.
Adjusted earnings per share beat analysts’ expectations, while revenues missed their estimates. Looking ahead, the company significantly raised its earnings outlook for fiscal 2014.
The New York-based world’s largest wine company reported net income for the second quarter of $1.52 billion or $7.74 per share, sharply higher than $124.6 million or $0.67 per share in the prior-year quarter. Earnings per Class B convertible common stock increased to $7.11 from $0.62 in the year-ago period.
The company completed its acquisition of its joint-venture partner Mexican brewer Grupo Modelo’s U.S. beer business from Anheuser-Busch InBev (BUD) for about $4.75 billion on June 7, 2013.