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 profit tops expectations, sales miss mark

Rochester Business Journal
October 5, 2012

Constellation Brands Inc. reported a drop in second-quarter profit Friday, due in part to increased expenses and a planned increase in promotional spending for its U.S. wine and spirits business.

The Victor-based firm posted net income of $125 million, or 67 cents a diluted share, versus net income of $163 million, or 76 cents a diluted share, a year earlier. Sales were $699 million, up $690 million.

Analysts polled by Thomson Reuters expected Constellation Brands to report earnings per share of 54 cents on sales of $710 million.

Constellation Brands reported earnings per share on a comparable basis, excluding special items, of 71 cents.

“As we execute our profitable, organic growth strategy, we are encouraged by the strength of our core beer, wine and spirits businesses, including the success of our new product introductions and innovation pipeline across our entire portfolio of outstanding brands,” said Robert Sands, president and CEO, in a statement.

The company expects full-year diluted earnings per share of $1.87 to $1.97.

Shares of Constellation Brands (NYSE: STZ) were trading midday at $36.21, up 4 percent from Thursday’s close of $34.72.

Constellation Brands ranked 14th on the most recent Rochester Business Journal list of manufacturers with 620 local workers.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

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

Post Your Own Comment

 
Username:
Password:

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