Constellation Brands stock surges after profit and revenue beats, raised outlook

Shares of Constellation Brands Inc. rallied 3.5% in premarket trading Wednesday, after the beer, wine and spirits company reported fiscal third-quarter profit and revenue that beat expectations and raised its full-year outlook. The company, which brands include Corona, Robert Mondavi and Svedka, said net income for the quarter to Nov. 30 rose to $360.4 million, or $1.85 a share, from $303.1 million, or $1.56 a share, in the year-ago period. On a comparable basis, earnings per share came to $2.14, including equity losses of 25 cents a share from its stake in Canopy Growth Corp. , compared with the FactSet consensus of $1.82. Sales rose to $2.00 billion from $1.97 billion, above the FactSet consensus of $1.95 billion. Beer sales increased 8.3% to $1.31 billion to top the FactSet consensus of $1.30 billion, and wine and spirits sales fell 9.7% to $688.8 million but beat expectations of $649.4 million. The company raised its fiscal 2020 comparable EPS guidance range to $9.45 to $9.55 from $9.00 to $9.20. The stock has lost 3.1% over the past three months through Tuesday, while the S&P 500 has gained 11.9%.

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