ADVFN - Advanced Financial Network.
HOME» NYSE » C » STZ Stock Price » STZ Stock News

Constellation Share News

 Constellation Brands Stock Price
STZ Stock Price
 Constellation Brands Stock Chart
STZ Stock Chart
 Constellation Brands Stock News
STZ Stock News
 Constellation Brands Company Information
STZ Company Information
 Constellation Brands Stock Trades
STZ Stock Trades

Constellation Brands 1Q Profit Jumps 52%; Revenue Falls

DOW JONES NEWSWIRES Constellation Brands Inc.'s (STZ) reported a 52% jump in fiscal first-quarter profit as the alcoholic-beverage company continued a heavy focus on cost-reduction and efforts to streamline its business, offsetting a decline in sales. "With the sale of our Australian and U.K. business, we have significantly improved our financial profile and simplified our business. As a result, we are taking the next logical step to increase efficiencies and streamline our operations worldwide," said Constellation Chief Executive Rob Sands. The company said it expects to incur one-time cash charges, nearly all of them during fiscal 2012, in relation to ongoing operational changes. Emerging from a brutal economic downturn, which saw many consumers opt for cheaper options and choose to entertain at home rather than bars and restaurants, Constellation has worked to thin operations and capitalize on rising demand in emerging markets like China. Constellation posted a profit of $74.5 million, or 35 cents a share, compared with a year-earlier profit of $49.1 million, or 22 cents a share. Excluding items such as restructuring charges, the company earned 39 cents a share. Net sales, which exclude excise taxes, fell 19% to $635.3 million, due primarily to the divestiture of the company's Australian and U.K. wine business. In January, Constellation sold a controlling stake in its Australian and U.K. operations to CHAMP Private Equity. Analysts most recently predicted earnings of 37 cents on $629 million in net sales. Meanwhile, product costs declined 26% to $384.3 million, as overhead costs dropped 18% to $138.2 million. At Crown Imports, Constellation's beer joint venture with Grupo Modelo SAB de CV (GPMCY, GMODELO.MX), net sales and operating profit rose 9% and 10%, respectively, as the rollout of its Victoria brand offset increased marketing expenses. Constellation had previously said its fiscal 2012 forecast was "tempered" by items including higher incremental marketing costs for Crown, which promotes brands such as Corona, Modelo Especial and Tsingtao in the U.S. Shares of Constellation, which affirmed its full-year guidance, closed at $20.97 Wednesday and were inactive premarket. The stock is down 5.3% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Constellation (STZ)
DateTimeHeadline
05/05/201609:15:25Corona Extra Starts New Cinco de Mayo Tradition With the First...
05/03/201616:10:00Kroger Drops Plan to Charge Alcohol Suppliers for Shelf Display
04/27/201615:30:37Kenny Chesney Kicks Off Spread the Love Tour with Corona Light
04/27/201610:15:24Constellation Brands Named Beverage Forum 2016 Large Company...
04/06/201609:39:00U.S. Hot Stocks: Hot Stocks to Watch
04/06/201609:20:00Constellation Brands Reports Wine Deal, Upbeat Results
04/06/201607:20:44Constellation Brands Reports Fiscal 2016 Results and Fiscal 2017...
04/06/201607:18:30Constellation Brands Enhances Fine Wine Portfolio with The Prisoner...
04/04/201603:02:00Brewer Tries To Boost Its Supply
04/02/201609:47:00Corona Brewer Constellation Struggles With Supply Chain
04/02/201609:46:00Corona Brewer Constellation Struggles With Supply Chain
04/02/201609:40:00Corona Brewer Constellation Struggles With Supply Chain
04/02/201605:59:00Corona Brewer Constellation Struggles With Supply Chain
03/10/201616:30:27Constellation Brands to Report Fourth Quarter and Full Year Fiscal...
03/09/201615:50:00Constellation Brands Recalls Some Corona Beer Packs in U.S...
03/09/201613:15:23Constellation Brands Beer Division Issues Limited Voluntary Recall...
02/22/201615:40:00Pioneering Winemaker Peter Mondavi Dies at 101
02/22/201609:36:39Casa Noble® Tequila Invites Consumers to Join Them on a "Noble...
01/25/201616:45:00Constellation Brands annonce la nomination de cadres dirigeants...
01/25/201616:15:28Constellation Brands Announces Executive Appointments in Beer...

Constellation Brands and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad