Constellation Brands STZ reported second-quarter earnings of $2.91 per share, which beat the analyst consensus estimate of $2.6 by 11.92% This is a 1.39% increase over earnings of $2.87 per share from the same period last year.
The company reported quarterly sales of $2.34 billion, which met the analyst consensus estimate. This is a 1.78% increase over sales of $2.299 billion the same period last year.
Constellation Brands also released fiscal year 2020 expectations. The company expects wine and spirits net sales to decline 15%-20% and operating income decline of approximately 25%.
The company states wine and spirits business performance continues to be impacted by transition activities with distributors who are repositioning for ownership of brands upon close of the pending transaction with E.J. Gallo.
Constellation Brands shares were trading down 3% at $200.44 at time of publication. The stock has a 52-week high of $228.91 and a 52-week low of $150.37.
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