Constellation Brands 1Q Revenue Climbs on Higher Beer Sales
June 30 2021 - 8:23AM
Dow Jones News
By Matt Grossman
Constellation Brands Inc. Wednesday posted higher sales in its
fiscal first quarter, as rising revenue from beer offset a decline
in wine and spirits
The Victor, N.Y.-based alcoholic-beverages company posted a
first-quarter loss attributable to the company of $4.74 a class A
share in the period to May 31, compared with a loss of 94 cents a
share a year earlier. The total net loss attributable to the
company was $908.1 million, compared with a loss of $177.9 million
in the same period last year.
The company's loss included a $665.9 million impairment of
brewery construction in progress in Mexico, Constellation said.
Excluding one-time items, Constellation posted adjusted earnings
of $2.33 in the quarter. Analysts polled by FactSet were expecting
an adjusted profit of $2.35 a share.
Revenue improved to $2.19 billion, from $2.13 billion a year
earlier. Analysts were forecasting revenue of $2.02 billion.
Net sales of the company's beer brands, which include Corona and
Modelo, grew 14% year-over-year to $1.57 billion. Wine and spirits
sales declined 22% to $454.5 million.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
June 30, 2021 08:09 ET (12:09 GMT)
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