Constellation Brands (NYSE:STZ) earnings for the spirits company’s fiscal third quarter of 2020 have STZ stock heading higher on Wednesday. This comes after reporting comparable earnings per share of $2.39 when excluding Canopy Growth equity losses. This is much better than Wall Street’s estimate of $1.83 per share. Revenue of $1.99 billion also comes in above analysts’ estimates of $1.95 billion.
Here’s what else is worth mentioning from the Constellation Brands earnings report.
- The company’s EPS is up close to 1% from $2.37 from the same time last year.
- Revenue for the quarter is also up roughly 1% from $1.97 billion in fiscal Q3 2019.
- Operating income for the quarter comes in at $267.20 million.
- That’s down 51.99% from $556.50 million in the same period of the year prior.
- Net income of $360.40 million is an 18.90% increase YoY from $303.10 million.
Bill Newlands, President and CEO of Constellation Brands, says this about the STZ stock earnings.
“It’s shaping up to be a dynamic year at Constellation. We delivered strong performance in Q3 powered largely by our beer business and we are increasing our EPS and cash flow guidance for the year.”
The Constellation Brands earnings report has it increasing its fiscal 2020 comparable EPS outlook to a range of $9.45 to $9.55. That’s good news for STZ stock with Wall Street estimating $8.51 per share for the period.
STZ stock was up 5.01% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.