(News Bulletin 247) – The American group of beers, wines and spirits Constellation Brands announced Thursday a quarterly profit higher than expectations and increased its dividend, which increased its title in quotations before the market.
In the fourth quarter of its lagged fiscal year, the owner of the Modelo Especial, Corona Extra and Pacifico beer brands reported net income of $223.2 million, or $1.21 per share, from $405.6 million, or $2.11 per share, a year earlier.
On a like-for-like basis, its profit was $1.98 per share, higher than the $1.83 per share forecast by analysts.
Its net sales fell 5% to drop below the two billion quarterly mark, while analysts had forecast 2.01 billion.
The group based in Victor (New York) increased the amount of its quarterly dividend by 11% to bring it to 89 cents per share and says it is aiming for its new fiscal year EPS of between 11.70 and 12 dollars, against a profit per security of 10.65 dollars for the financial year which ended at the end of February.
In pre-market electronic transactions, the title gained 1.2% Thursday morning before the opening of Wall Street.
Constellation owns Robert Mondavi, Clos du Bois or Kim Crawford wines, as well as Svedka vodka, Casa Noble Tequila and Canadian whiskey Black Velvet.
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