Constellation Brands (NYSE:STZ, NYSE:STZ.B) earnings for the first quarter of fiscal year 2021 have STZ stock ticking higher on Wednesday. This comes despite reported revenue of $1.96 billion coming in below Wall Street’s estimates of $1.98 billion. However, the company’s adjusted earnings per share (EPS) of $2.30 crushed analysts’ expectations for $2.01 during the quarter.
Additionally, the company reported GAAP losses per share of 94 cents for the period.
Here is what else is worth mentioning from the most recent Constellation Brands earnings report.
- Adjusted EPS was 4% higher from $2.21 during Q1 2020.
- Revenue for the quarter comes in 6% lower compared to $2.1 billion during the same time last year.
- Operating income of $610 million is a 2% drop year-over-year from $622.7 million.
- Constellation Brands’ earnings also includes a net loss of $177.9 million.
- That’s a 28% improvement from a loss of $245.4 million during the first quarter of 2020
Bill Newlands, president and CEO of Constellation Brands, said this about the STZ stock earnings:
“We overcame a number of headwinds to deliver solid first quarter results marked by margin improvement and impressive depletion growth for our Beer Business and our Wine & Spirits Power Brand portfolio. While the slowdown of our Mexican beer production due to COVID-19 created short-term impact to distributor inventory levels, shipments, and net sales, we continue to win in sales channels that are open, consumer demand for our brands remains strong, and our outlook for the year remains positive.”
The company is not including guidance for fiscal year 2021 due to the effects of the novel coronavirus. That said, we know what Wall Street is expecting. Analysts are calling for EPS of $8.45 on revenue of $7.83 billion.
STZ stock was up 8% on Monday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.