Constellation Brands stock was on the rise Thursday following the release of its earnings report for its fiscal second quarter of 2019.
Constellation Brands’ (NYSE:STZ
) earnings report for its fiscal second quarter of the year includes earnings per share of $2.87. This is an increase over the company’s earnings per share of $2.47 reported during the same time last year. It was also a boon to Constellation Brands stock by beating out Wall Street’s earnings per share estimate of $2.60 for the quarter.
During its fiscal second quarter of 2019, Constellation Brands reported net income of $1.15 billion. This is better than the company’s net income of $501.60 million reported in its fiscal second quarter of 2018.
Operating income reported by Constellation Brands for its fiscal second quarter of the year came in at $765.00 million. The alcoholic beverage company’s operating income from the same period of the year prior was $717.30 million.
Constellation Brands also reported revenue of $2.30 billion for its fiscal second quarter of 2018. This is up from the company’s revenue of $2.09 billion reported in its fiscal second quarter of the previous year. It was also good news for Constellation Brands stock by coming in above analysts’ revenue estimate of $2.25 billion for the period.
More good news for Constellation Brands stock comes in the form of its fiscal 2019 outlook. The company says that it is expecting earnings per share for the fiscal year to range from $9.60 to $9.75. If this holds true, the company will beat out Wall Street’s earnings per share estimate of $9.34 for the year.
STZ stock was up 3% as of Thursday morning, but is down 7% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
