Constellation Brands 3Q Profit Triples On Fewer Charges
Fox Business Thursday 6th January, 2011
STZ ) fiscal third-quarter profit more than tripled as the company benefited from a lower tax rate and as fewer charges dented its bottom line. Though the winemaker raised its full-year guidance, shares fell 3.2% to $20.90 in early trading as revenue missed analysts' estimates. Constellation forecast adjusted per-share earnings of $1.80 to $1.85 for the year, compared with an earlier estimate of $1.63 to $1.78. Constellation has been hurt by continued weakness in spending on alcoholic beverages, with consumers buying cheaper brands and cutting back on visits to restaurants and bars during the recession. The company, whose brands include Robert Mondavi and Ravenswood wines and Svedka vodka, has also been undergoing a restructuring since it completed a buying spree two years ago. The double ...
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