Constellation Brands, Inc. (NYSE:STZ) stock was down on Thursday despite positive results for its fiscal third quarter of 2017.
Constellation Brands, Inc. reported revenue of $1.81 billion for its fiscal third quarter of 2017. This is a 10% increase over its revenue from the same period of the year prior. It also came in just above Wall Street’s revenue estimate of $1.80 billion for the quarter.
Earnings per share reported by Constellation Brands, Inc. for its fiscal third quarter of 2017 was $1.96. This is a 38% increase over the alcohol company’s earnings per share from its fiscal third quarter of 2016. It also came in above analysts’ earnings per share estimate of $1.71.
Operating income reported by Constellation Brands, Inc. during its fiscal third quarter of 2017 was $532 million. This is a 12% increase from the same time last year. Net income reported by the company during this time quarter was $403 million. This is a 40% increase from the same time last year.
Constellation Brands, Inc. has also announced a quarterly cash dividend of 40 cents per share for its Class A Common Stock and 36 cents per share of Class B Common Stock. It will be payable on Feb. 23, 2017 to shareholders on record as of Feb. 9, 2017.
Constellation Brands, Inc. also updated its outlook for the fiscal year of 2017 in its most recent earnings report. The company now expects earnings per share for the year to be between $6.55 and $6.65. Wall Street is looking for earnings per share during this period to be $6.46.
STZ stock was down 5% as of Noon Thursday.
