Constellation Brands Inc. (NYSE: STZ) said that it blew past Wall Street estimates in the fiscal third quarter on Thursday. The company reported £950 million of net income in the quarter that concluded on 30th November that translates to £4.84 per share. In comparison, its net income was capped at a sharply lower £266.10 million in the same quarter last year or £1.37 per share.
Constellation Brands closed its deal to sell a part of its wine and spirits portfolio to E. & J. Gallo Winery on Thursday. The deal had an aggregate value of £598 million.
Constellation Brands opened about 4% up on Thursday and jumped another 2% in the next hour. The stock is now exchanging hands at a per-share price of £169.69. In comparison, the U.S. company was trading at a sharply lower £78 per share in March when the COVID-19 crisis pushed the countrywide pubs and bars into temporarily shutting down.
Constellation Brands Q3 financial results versus analysts estimates
On an adjusted basis, Constellation Brands earned £2.28 per share in Q3. The Fortune 500 company said it generated £1.80 billion of sales in the recent quarter versus the year-ago figure of a lower £1.48 billion.
According to FactSet, experts had forecast the American producer and marketer of beer, wine, and spirits to register £1.65 billion of sales in the third quarter. Their estimate for adjusted earnings per share was capped at £1.79. CEO Bill Newlands expressed confidence on Thursday that the company’s performance was remarkable considering the challenging atmosphere attributed to the ongoing COVID- crisis.
The novel flu-like virus has so far infected more than 21 million people in the United States and caused over 370 thousand deaths. In
