This Week
  • GM injection: The automaker has invested $150 million here since 2011.

  • East High School teacher and blogger Kelly LaLonde speaks out about education.

  • HBT Architects took a risk and parted with some clients on its new path.

  • Placing a loved one in an elder care facility is not an easy decision for caregivers.

  • Robert W. Hurlbut heads a 1,400-employee business started by his grandparents.

  • The new edition of Explore Greater Rochester is here.

Constellation reports drop in Q1 profit, stock drops

Rochester Business Journal
July 2, 2013

Constellation Brands Inc. stock dropped more than 2 percent in midday trading after it reported a decline in profit for the first quarter.

Shares of Constellation Brands (NYSE: STZ) were trading midday at $51.99, down from its Monday close of $53.15.

The Victor company earned $52.9 million, or 27 cents a share in the first quarter, compared with $72 million, or 38 cents a share, a year earlier. Adjusted earnings per share in the first quarter were 38 cents a share, missing Street expectations.
Analysts polled by Thomson Reuters expected Constellation Brands to post sales of $675 million. Earnings per share were expected to be flat at 40 cents.

First-quarter sales rose 6 percent, to $673.4 million from $634.8 million a year earlier.

“From an operational perspective, we are off to a positive start for the year, as we achieved our first quarter goals and objectives,” said Robert Sands, president and CEO of Constellation. “I am particularly pleased with our commercial results as we continued to gain market share in IRI channels across our beer, wine and spirits businesses during the quarter.”

On June 7, Constellation Brands announced it had completed its acquisition of Grupo Modelo S.A.B. de C.V.’s U.S. beer business from Anheuser-Busch InBev SA for some $4.75 billion.

The transaction includes full ownership of Crown Imports LLC, which provides Constellation with complete, independent control of all aspects of the U.S. commercial business; a brewery in Nava (Piedras Negras), Mexico; exclusive perpetual brand license in the United States to import, market and sell Corona and the Modelo brands Crown sells, and the freedom to develop brand extensions and innovations for the U.S. market.

In the filing, the firm also adjusted its full-year fiscal 2014 earnings guidance to a range of $2.32 to $2.62 a share, revised from previous estimates of $2.60 to $2.90 a share.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google