Constellation Brands Q4 Earnings Improve, Above Estimates

(RTTNews) - Constellation Brands, Inc. (STZ) on Thursday reported net income of $395.4 million or $2.07 per share in the fourth quarter, higher than $382.9 million or $1.95 per share in the same quarter a year ago.

Excluding one time items, earnings were $451.7 million or $2.37 per share, that beat the average estimate of sixteen analysts polled by Thomson Reuters of $2.1 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased to $2.103 billion from $1.953 billion las year. The consensus estimate was for $2.02 billion.

The company said, "Consumer takeaway accelerated as Meiomi and The Prisoner Wine Company produced double-digit sales growth in IRI channels."

Looking forward, the company expects full-year adjusted earnings per share to be in the range of $11.20-$11.50. Analysts expect earnings of $11.53 per share for the period.