The maker of Robert Mondavi wine and Svedka vodka says its third-quarter net income more than tripled as it took fewer charges.
Revenue fell as wine sales, which account for more than 90 percent of the company's revenue, remained weak. The company saw stronger beer and spirits sales.
For the quarter ended Nov. 30, Constellation Brands Inc. earned $139.3 million, or 65 cents per share. A year earlier, it earned $44.1 million, or 20 cents per share.
Excluding costs from a cider business sale, the Victor, N.Y.-based company earned 66 cents per share. Wall Street was looking for 61 cents, according to FactSet.
Revenue fell 2 percent to $966.4 million.
The company, which is amid a restructuring, now expects full-year earnings of $1.80 to $1.85 per share, up from its previous forecast of $1.63 to $1.78 per share.
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