Shares of Constellation Brands dropped 7 percent in premarket trading Wednesday morning after the brewer released a disappointing outlook for the fiscal year.

Here’s what the company reported for its fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.37, adjusted, vs. $2.06 expected
  • Revenue: $1.97 billion vs. $1.91 billion expected

Constellation Brands said it expects to earn between $9.20 and $9.30 per share for the fiscal 2019 year, on an adjusted basis, missing analysts’ expectations of $9.43 per share.

Net sales rose 9 percent from the previous year to $1.97 billion, topping expectations of $1.91 billion.

Products You May Like

Articles You May Like

New federal tax rules create advantage for real estate investment trusts
Bulls stampede into Disney after Morgan Stanley’s bullish call
This chart shows why everyone on Wall Street is so worried about the yield curve
Five reasons why your high-tax state won’t let you move away
Stocks making the biggest moves after hours: Lululemon, RH and more

Leave a Reply

Your email address will not be published. Required fields are marked *