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Constellation Brands (STZ) Jumps Over 5% on Q2 Earnings Beat
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Constellation Brands Inc. (STZ - Free Report) , a leading international producer and marketer of beverage alcohol brands, released second-quarter fiscal 2018 results, wherein adjusted earnings of $2.47 a share surpassed the Zacks Consensus Estimate of $2.16. Moreover, the bottom line surged 40% from the year-ago quarter.
Backed by solid growth at its beer business, Constellation Brands raised its fiscal 2018 adjusted earnings forecast to $8.25-$8.40 per share from the previous guidance of $7.90-$8.10. Also, the company raised its GAAP earnings estimate to $7.90–$8.05 per share, compared with $7.55–$7.75 anticipated earlier.
Constellation Brands Inc Price, Consensus and EPS Surprise
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the last 30 days. Constellation Brands’ performance in the trailing four quarters (excluding the quarter under review) gives a positive picture. The company has outperformed the Zacks Consensus Estimate by an average of 11.7% in the trailing four quarters.
Revenues: Constellation Brands generated net sales of $2,084.5 million that increased 3.1% year over year and also came above the Zacks Consensus Estimate of $2,058 million. The upside was driven by organic sales growth of 8% and benefits from recent acquisitions.
The company reiterated its sales targets for fiscal 2018. It continues to anticipate beer business sales to grow 9%–11% in fiscal 2018, while sales for the wine and spirits business is expected to decline 4%–6%. These estimates include the expected impact from the divestiture of the Canadian wine business and the benefits from High West, Charles Smith and Prisoner acquisitions.
Key Events: During the reported quarter, Constellation Brands has acquired Funky Buddha Brewery, a leading craft brewery in Florida, in order to strengthen its position in the high-end beer segment in the U.S. The acquired brewery will form part of Constellation Brands’ Craft & Specialty Beer group in the beer division. However, the terms of the deal remained under covers.
Stock Movement: Constellation Brands’ shares jumped 5.4% in the pre-market trading hours following the stellar second-quarter results and favorable fiscal 2018 view.
Check back later for our full write up on Constellation Brands’ earnings report!
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Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
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Constellation Brands (STZ) Jumps Over 5% on Q2 Earnings Beat
Constellation Brands Inc. (STZ - Free Report) , a leading international producer and marketer of beverage alcohol brands, released second-quarter fiscal 2018 results, wherein adjusted earnings of $2.47 a share surpassed the Zacks Consensus Estimate of $2.16. Moreover, the bottom line surged 40% from the year-ago quarter.
Backed by solid growth at its beer business, Constellation Brands raised its fiscal 2018 adjusted earnings forecast to $8.25-$8.40 per share from the previous guidance of $7.90-$8.10. Also, the company raised its GAAP earnings estimate to $7.90–$8.05 per share, compared with $7.55–$7.75 anticipated earlier.
Constellation Brands Inc Price, Consensus and EPS Surprise
Constellation Brands Inc Price, Consensus and EPS Surprise | Constellation Brands Inc Quote
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the last 30 days. Constellation Brands’ performance in the trailing four quarters (excluding the quarter under review) gives a positive picture. The company has outperformed the Zacks Consensus Estimate by an average of 11.7% in the trailing four quarters.
Revenues: Constellation Brands generated net sales of $2,084.5 million that increased 3.1% year over year and also came above the Zacks Consensus Estimate of $2,058 million. The upside was driven by organic sales growth of 8% and benefits from recent acquisitions.
The company reiterated its sales targets for fiscal 2018. It continues to anticipate beer business sales to grow 9%–11% in fiscal 2018, while sales for the wine and spirits business is expected to decline 4%–6%. These estimates include the expected impact from the divestiture of the Canadian wine business and the benefits from High West, Charles Smith and Prisoner acquisitions.
Key Events: During the reported quarter, Constellation Brands has acquired Funky Buddha Brewery, a leading craft brewery in Florida, in order to strengthen its position in the high-end beer segment in the U.S. The acquired brewery will form part of Constellation Brands’ Craft & Specialty Beer group in the beer division. However, the terms of the deal remained under covers.
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.
Stock Movement: Constellation Brands’ shares jumped 5.4% in the pre-market trading hours following the stellar second-quarter results and favorable fiscal 2018 view.
Check back later for our full write up on Constellation Brands’ earnings report!
4 Stocks to Watch after the Massive Equifax Hack
Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
Get the new Investing Guide now>>