April 4, 2019 / 11:48 AM / 6 months ago

Brewer Constellation tops Wall St estimates for sales

April 4 (Reuters) - Constellation Brands Inc on Thursday reported quarterly sales well above analysts’ estimates, as its popular beer brands Corona and Modelo performed well.

Net sales fell about 2 percent to $1.80 billion, but was above analysts’ estimates of $1.74 billion, according to Refinitiv IBES data.

Net income attributable to the company rose to $1.24 billion, or $6.37 per class A common share, for the fourth quarter ended Feb. 28, from $910.5 million, or $4.56 per share, a year earlier.

On Wednesday, the company said it would sell about 30 of its wine and spirit brands that retail under $11 a bottle to California-based E. & J. Gallo Winery for $1.7 billion, as the brewer streamlines its portfolio of premium brands such as Robert Mondavi, Meiomi and Kim Crawford. (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below