Constellation Brands Stock Slides on Q1 Earning Miss

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Constellation Brands (NYSE:STZ) stock took a hit on Friday following the release of its earnings report for its fiscal first quarter of 2019.

Constellation Brands Stock Slides on Q1 Earning Miss

Constellation Brands reported earnings per share of $2.20 for its fiscal first quarter of 2019. This is down from its earnings per share of $2.34 that was reported in the same period of the year prior. It also wasn’t good news for STZ stock by coming in below Wall Street’s earnings per share estimate of $2.43 for the quarter.

Net income reported by Constellation Brands for its fiscal first quarter of 2019 came in at $743.80 million. The maker of beer’s net income from its fiscal first quarter of 2018 was $398.50 million.

During its fiscal first quarter of 2019, Constellation Brands reported operating income of $625.40 million. This is an increase over its operating income of $561.10 million that was reported during the same time last year.

Constellation Brands’ earnings report for its fiscal first quarter of 2019 also includes revenue of $2.05 billion. This is better than the company’s revenue of $1.93 billion that was reported in its fiscal first quarter of 2018. It also just came in above analysts’ revenue estimate of $2.04 billion for the quarter, but wasn’t enough to save STZ stock today.

Constellation Brands also includes its outlook for fiscal 2019 in its most recent earnings report. The company says that it is expecting earnings per share for the year to range from $9.40 to $9.70. Fiscal 2018 earnings per share was $8.70. Wall Street is looking for earnings per share of $9.73 for the fiscal year.

STZ stock was down 4% as of Friday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/constellation-brands-stock-down-on-earnings-miss/.

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