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Constellation Brands' 3Q profit rises, beats expectations

By ANDREA DECKERT - 1/9/2013 1:08:52 PM

Constellation Brands Inc. Wednesday morning reported a year-over-year increase in third-quarter profit and sales, driven, in part, to growth in its beer, wine and spirits portfolio and sales during the holiday season.

The Victor firm posted net income of $110 million, or 58 cents a share, compared with net income of $105 million, or 52 cents a share, last year. On a comparable basis, net income for the most recent quarter was $119 million, or 63 cents a share. Sales were up 9 percent to $767 million, from $701 million a year ago.

The results beat Wall Street predictions. Analysts polled by Thomson Reuters expected Constellation Brands to report earnings per share of 55 cents on sales of $752 million.

“The year is unfolding as we expected and we are on track to meet our financial and strategic goals for the year,” said Robert Sands, Constellation Brands’ president and CEO, in a statement.

The company expects reported full-year earnings per share in the range of $1.97 to $2.07. On a comparable basis, it expects full-year earnings per share of $2.10 to $2.20.

Constellation Brands ranked 14th on the most recent Rochester Business Journal list of manufacturers with 620 local workers. Its shares (NYSE: STZ) midday Wednesday were trading down 69 cents, or roughly 2 percent, at $35.38.

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