The most recent Constellation Brands earnings report was bad news for STZ stock.
The blow to Constellation Brands (NYSE:STZ) comes from the update to its outlook for the fiscal full year of 2019. The company says it is now expecting earnings per share for the fiscal year to range from $9.20 to $9.30. Unfortunately for STZ stock, Wall Street is looking for earnings per share of $9.43 for fiscal 2019.
The poor outlook for fiscal 2019 drags down was is an otherwise good third-quarter earnings report for Constellation Brands. This includes earnings per share of $2.37, which is above analysts’ estimate of $2.06 for the quarter. It is also up from the company’s earnings per share of $2.00 from the same period of the year prior.
The Constellation Brands earnings report for its fiscal third quarter of 2019 also includes net income of $312.10 million. This is down from the company’s net income of $496.40 million reported during the same time last year.
Operating income reported in the Constellation Brands earnings report for its fiscal third quarter of the year was $556.50 million. The company’s operating income from its fiscal third quarter of 2018 was $489.60 million.
Constellation Brands also reported revenue of $1.97 billion during its fiscal third quarter of 2019. The company’s revenue from the same quarter of the previous year was $1.80 billion. Wall Street was looking for revenue of $1.91 billion from STZ during this quarter.
STZ stock was down 10% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.