VICTOR, N.Y. (AP) — Constellation Brands' third-quarter net income surged 93 percent, continuing to benefit from the strength of Crown Imports.
The wine, beer and liquor company's adjusted earnings and revenue topped analysts' estimates, and it boosted its full-year adjusted earnings forecast yet again.
The stock rose more than 6 percent before Wednesday's market open.
For the period ended Nov. 30, Constellation Brands Inc. — whose brands include Robert Mondavi, Negra Modelo and Svedka Vodka — earned $211 million, or $1.07 per share. That's up from $109.5 million, or 58 cents per share, in the prior-year period.
Excluding certain items, earnings were $1.10 per share.
Analysts, on average, expected earnings of 91 cents per share, according to a FactSet poll.
Constellation closed on its acquisition of the Grupo Modelo U.S. beer business in June 2013. It purchased the business from Anheuser-Busch InBev for about $4.75 billion. The deal included full ownership of Crown.
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