J.P. Morgan Comments On STZ Q4 Results

Constellation Brands Inc. STZ reported FQ4 EPS of $0.35 yesterday, “above the $0.26 consensus and JPM estimate,” J.P. Morgan reports. “The company cycled a quarter with weak shipments due to an inventory adjustment, but FQ4 sales were still ahead of our forecast and the company got more leverage down the P&L than expected,” J.P. Morgan writes. “Results from the Crown JV were better than our forecast and FY12 guidance was in-line with consensus when excluding a benefit from lower taxes (but lower than the consensus growth rate given the FQ4 upside).” Constellation Brands closed Thursday at $21.79.