Constellation Brands: Fiscal 1Q Earnings Snapshot
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Constellation Brands: Fiscal 1Q Earnings Snapshot

Last Updated Jul 1, 2020 at 8:02 am EDT

VICTOR, N.Y. (AP) _ Constellation Brands Inc. (STZ) on Wednesday reported a loss of $177.9 million in its fiscal first quarter.

On a per-share basis, the Victor, New York-based company said it had a loss of 94 cents. Earnings, adjusted for non-recurring costs, came to $2.30 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.03 per share.

The wine, liquor and beer company posted revenue of $2.13 billion in the period. Its adjusted revenue was $1.96 billion, falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.98 billion.

Constellation Brands shares have fallen roughly 8% since the beginning of the year, while the Standard & Poor’s 500 index has declined 4%. The stock has declined 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STZ at https://www.zacks.com/ap/STZ

The Associated Press

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