by Christopher Freeburn | October 5, 2012 11:54 am
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.
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