Shares of Constellation Brands (NYSE:STZ) moved higher in Friday trading after the company raised its full-year profit projection.
Constellation Brands says that earnings for its fiscal year will be between $2.00 and $2.10 a share. That’s an improvement over previous estimates of between $1.93 and $2.03 a share, and higher than the $1.98 a share that Wall Street had anticipated, Reuters noted.
The news sent company shares up more than 4% in mid-day trading.
For the second quarter, Constellation said it earned $125 million, down from $162.7 million last year. Adjusted EPS came in at 71 cents, beating analysts who had forecast 54 cents.
Quarterly revenue increased to 1.3% to $699 million.
In June, Constellation announced that it would purchase Grupo Modelo’s stake in their Crown Imports joint venture for $1.85 billion. The company reiterated that the deal, which gives it exclusive distribution of Corona Extra beer in the U.S., will close early next year.
Comments are currently unavailable. Please check back soon.