VICTOR, N.Y. (AP) — Constellation Brands' second-quarter net income surged, bolstered by a large gain related to Crown Imports and a lower-than-expected tax rate.
The wine, beer and liquor company's adjusted earnings topped Wall Street's view, and it lifted its full-year adjusted earnings outlook again.
The stock rose almost 3 percent in morning trading, briefly hitting an all-time high.
For the three months ended Aug. 31, Constellation earned $1.52 billion, or $7.74 per share. That compares with $124.6 million, or 67 cents per share, a year ago.
Constellation announced in June 2012 that it was buying the remaining 50 percent stake in Crown Imports LLC that it didn't already own from AB InBev for $1.85 billion. The company's latest quarter included a $1.6 billion gain tied to Crown Imports.
Removing the Crown Imports gain and other items, earnings were 96 cents per share compared with 71 cents per share in the prior-year period.
Analysts, on average, expected earnings of 88 cents per share, according to a FactSet poll.
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