Constellation Brands reported its fiscal first quarter earnings that edged past analysts’ expectations. The beverage maker also raised its outlook for its full-year profit.
The company’s comparable earnings for the three months ending in May, came in at $2.21 per share, compared to the Street estimates of $2.07 per share.
Total revenues increased +2% year-over-year to $2.097 billion, also exceeding analysts' estimates of a $2.07 billion.
For its 2020 full fiscal year, Constellation has predicted earnings of between $8.65 and $9.95 per share (excluding Canopy Growth), up from its prior forecast of $8.47 to $8.77 per share. Canopy Growth is a Canadian cannabis company, in which Constellation has a $4 billion stake.
Constellation confirmed its growth expectation of between 7% and 9% for its beer business.