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Constellation Brands Inc. (STZ - Free Report) , a leading international producer and marketer of beverage alcohol brands, released solid second-quarter fiscal 2017 results, wherein adjusted earnings of $1.77 a share surpassed the Zacks Consensus Estimate of $1.66. Moreover, the bottom line rose nearly 13% from $1.56 a share earned in the year-ago quarter.
Based on the sustained strength of its beer business, Constellation Brands raised its fiscal 2017 forecast, projecting adjusted earnings per share of $6.30–$6.45 and GAAP earnings of $6.25–$6.40.
Earnings Estimate Revision: The Zacks Consensus fiscal 2017 Estimate portrays an upside in the last 30 days. Constellation Brands’ performance in the trailing four quarters (including the quarter under review) gives a positive picture. The company outperformed the Zacks Consensus Estimate by an average of 5.8% in the trailing four quarters.
Revenues: Constellation Brands generated net sales of $2,021.2 million that increased 17% year over year and outdid the Zacks Consensus Estimate of $1,959.1 million primarily due to higher organic sales as well as benefits from the acquisition of the Ballast Point craft beer, and the Meiomi and The Prisoner wine brands. On a constant-currency basis, organic sales grew 13%.
Key Events: Constellation Brands has agreed to buy the Utah-based High West Distillery for about $160 million. The acquisition will comprise a portfolio of unique, award-winning and high-end American straight whiskeys and other spirits brands. This acquisition will mark the company’s entry into the vibrant and lucrative high-end craft whiskey market segment. The company expects to complete the acquisition by end of October.
Check back later for our full write up on Constellation Brands’ earnings report!
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Constellation Brands (STZ) Q2 Earnings Beat, Ups FY17 View
Constellation Brands Inc. (STZ - Free Report) , a leading international producer and marketer of beverage alcohol brands, released solid second-quarter fiscal 2017 results, wherein adjusted earnings of $1.77 a share surpassed the Zacks Consensus Estimate of $1.66. Moreover, the bottom line rose nearly 13% from $1.56 a share earned in the year-ago quarter.
Based on the sustained strength of its beer business, Constellation Brands raised its fiscal 2017 forecast, projecting adjusted earnings per share of $6.30–$6.45 and GAAP earnings of $6.25–$6.40.
Earnings Estimate Revision: The Zacks Consensus fiscal 2017 Estimate portrays an upside in the last 30 days. Constellation Brands’ performance in the trailing four quarters (including the quarter under review) gives a positive picture. The company outperformed the Zacks Consensus Estimate by an average of 5.8% in the trailing four quarters.
CONSTELLATN BRD Price and EPS Surprise
CONSTELLATN BRD Price and EPS Surprise | CONSTELLATN BRD Quote
Revenues: Constellation Brands generated net sales of $2,021.2 million that increased 17% year over year and outdid the Zacks Consensus Estimate of $1,959.1 million primarily due to higher organic sales as well as benefits from the acquisition of the Ballast Point craft beer, and the Meiomi and The Prisoner wine brands. On a constant-currency basis, organic sales grew 13%.
Key Events: Constellation Brands has agreed to buy the Utah-based High West Distillery for about $160 million. The acquisition will comprise a portfolio of unique, award-winning and high-end American straight whiskeys and other spirits brands. This acquisition will mark the company’s entry into the vibrant and lucrative high-end craft whiskey market segment. The company expects to complete the acquisition by end of October.
Zacks Rank: Currently, Constellation Brands carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Constellation Brands’ earnings report!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>