by Christopher Freeburn | April 9, 2014 10:18 am
On Wednesday, Constellation Brands (STZ) said that rising beer sales had helped boost its quarterly earnings. STZ stock rose about 1% in morning trading.
STZ stock climbed after Constellation Brands posted fiscal fourth-quarter net income of $157 million. Adjusted EPS came in at 81 cents, easily beating the 76 cents that Wall Street had anticipated, Reuters notes.
Revenue during the quarter climbed to $1.29 billion, up 86% due to the purchase of U.S. distribution rights for Corona and Modelo beers from Mexico’s Grupo Modelo. STZ said that beer net sales increased 13% in the quarter.
For the current fiscal year, STZ predicted adjusted earnings of between $3.95 and $4.15 per share. That was mostly higher than the full-year profit of $3.95 per share that analysts have expected.
STZ stock closed at on Tuesday. Over the past 12 months, STZ stock has risen more than 65%.
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