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Tags: Earns Constellation Brands

Constellation Brands' Profit Jumps, but Sales Fall

Thursday, 06 January 2011 12:24 PM

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.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Companies
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...
Earns Constellation Brands
138
2011-24-06
Thursday, 06 January 2011 12:24 PM
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