Constellation Brands earnings for the company’s fiscal first quarter of 2020 have STZ stock soaring on Friday.
Constellation Brands (NYSE:STZ) starts off the earnings report for its fiscal first quarter of 2020 with earnings per share of $2.21. This is up slightly from the company’s earnings per share of $2.20 from the same time last year. It was also a boon to STZ stock by beating out Wall Street’s earnings per share estimate of $2.06 for the period.
Net loss reported in the Constellation Brands earnings report for its fiscal first quarter of 2020 comes in at $237.10 million. This is a drop from the company’s net income of $746.30 million reported in its fiscal first quarter of 2019.
The Constellation Brands earnings report for its fiscal first quarter of the year also includes operating income of $622.70 million. This is down from the alcohol company’s operating income of $625.40 million reported in the same period of the year prior.
Constellation Brands earnings for its fiscal first quarter of 2020 also has revenue coming in at $2.10 billion. This is better than the company’s revenue of $2.05 billion reported in its fiscal first quarter of the previous year. Despite the increase, this is below analysts’ revenue estimate of $2.06 billion for the quarter, but wasn’t keeping STZ stock down today.
Constellation Brands also provides an outlook for fiscal 2020 in its most recent earnings report. The company is expecting earnings per share for the year to range from $8.65 to $8.95. Wall Street is looking for earnings per share of $8.57 for the year.
STZ stock was up 5% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.