I'm sitting with a Corona Beer in hands, and feel proud of what I drink! - Alex Artenie
Constellation Brands shares jumped to a nearly three-month high on Thursday morning after the New York-based beer and wine producer reported its fiscal fourth-quarter earnings and revenue above the consensus estimates.
The company reported a profit of $1.91 per share for the three months ended February 28, 2022, compared to $1.80 per share in the same period last year. On an adjusted basis, Constellation Brands earned $2.37 per share, representing a decent surge from $1.82 per share in the linked quarter of 2021.
Sales also increased 8 percent on a year-over-year basis to $2.1 billion. The results easily outperformed analysts’ average estimate of $2.09 per share for profit and $2.02 billion for sales.