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STZ 4Q Misses; Stock Slips
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ShareConstellation Brands Inc. (STZ) reported fiscal fourth-quarter earnings of 21 cents per share, which missed the lowered consensus estimate by 2 cents.
The stock has slipped more than 3% today amid lower-than-normal volume of approximately 2.7 million, compared to average volume of about 3.3 million.
Net sales decreased 17% year-over-year due to strengthening of the US dollar coupled with divestitures of the Almaden, Inglenook and certain Pacific Northwest wine brands.
The manufacturer of wine and spirits expects fiscal 2010 earnings between $1.60 and $1.70 per share, which is in-line with the reduced consensus estimate of $1.62. A month ago, analysts were expecting $1.78 for the fiscal year.
STZ is a Zacks #4 Rank ("Sell") stock.
Read the full analyst report on STZ
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