Constellation Brands Reports Smaller Loss, Lower Sales
July 01 2020 - 8:20AM
Dow Jones News
By Allison Prang
Constellation Brands Inc. reported a loss in the first quarter
that was a smaller than a year ago while net sales declined.
The loss at the company, whose beverages include Corona and
Modelo beer and Svedka vodka, was $177.9 million in the first
quarter, compared with $245.4 million a year ago. The company's
loss was 94 cents a share, compared with a $1.30 a share loss a
year prior.
Constellation said adjusted earnings were $2.30 a share.
According to FactSet, the analyst consensus for that metric was
$1.99 a share.
Constellation said it had a 14-cent-a-share equity loss from
Canopy Growth.
Sales fell 6.4% to $1.96 billion, beating Wall Street's $1.94
billion consensus estimate.
Chief Executive and President Bill Newlands said in prepared
remarks that "the slowdown of our Mexican beer production due to
COVID-19 created short-term impact to distributor inventory
levels." The company said the effects of that slowdown will
continue into the second quarter but that product inventories will
normalize the quarter after that.
The company also said it couldn't give guidance for this fiscal
year because of the uncertainty and potential impacts on the
business from Covid-19.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 01, 2020 08:05 ET (12:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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