* 4th-qtr EPS 47 cts tops Wall St view of 45 cts/shr
* Sees FY'14 EPS $2.55-$2.85; Street expected $2.78/shr
* Shares gain 27 cents in early trading
By Martinne Geller
April 10 Constellation Brands Inc
reported a higher-than-expected fourth-quarter profit on
Wednesday, as the company benefited from an acquisition and
selling a greater number of more expensive products.
Constellation, the world's largest branded wine company, is
poised to become the nation's No. 3 beer maker behind
Anheuser-Busch InBev and Miller Coors ,
once it takes over Grupo Modelo's U.S. business.
That acquisition, which is part of AB InBev's takeover of
Modelo, is expected to close around the end of the current first
quarter or shortly thereafter, the company said.
Assuming the $4.75 billion deal closes on time,
Constellation said it expects to earn $2.55 to $2.85 per share,
excluding items, in fiscal 2014.
Analysts on average were expecting $2.78 per share for the
year, according to Thomson Reuters I/B/E/S.
In the fourth quarter of fiscal 2013, which ended on Feb.
28, Constellation had net income of $81.7 million, or 43 cents
per share, down from $103.0 million, or 51 cents per share, a
Excluding restructuring-related costs and a loss on the
write-off of financing costs, earnings were 47 cents per share.
On that basis, analysts on average were expecting 45 cents per
share, according to Thomson Reuters I/B/E/S.
Net sales, which exclude excise taxes, rose to $695.9
million from $628.1 million a year earlier.
Constellation shares rose 27 cents to $48.90 in early
trading on the New York Stock Exchange.