Constellation Brands' 4Q Results Top Estimates
Constellation Brands' 4Q Results Top
Estimates
The world's largest branded wine producer, Constellation Brands, released its fourth quarter results Thursday, posting higher-than-expected earnings thanks to strong performance by its North American wine division and increased sales of Svedka vodka. The company also offered a bullish forecast for 2011 profits, driving its shares up about 3 percent in early trading.
Constellation, whose wine brands include Clos do Bois and Robert Mondavi, said its total sales for the fourth quarter came in at $715 million, and were boosted by a 14 percent increase in North American sales. The company's sales in Europe and Australia, meanwhile, were lower because the it has discontinued its wine and cider businesses there.
Constellation's bottom line was also helped during the fourth quarter by its joint Crown Imports venture with Grupo Modelo, which imports a handful of beers including Corona into the U.S. Constellation's share of profits from the partnership rose 18 percent thanks to a healthy increase in sales.
Excluding certain items, Constellation earned $74.5 million, or 35 cents per share, in the three months ended February 28th, easily surpassing analysts' expectations of 27 cents per share in a recent Reuters survey. The numbers were also an improvement from a year ago, when the company earned $60.2 million, or 27 cents per share.
The world's largest branded wine producer, Constellation Brands, released its fourth quarter results Thursday, posting higher-than-expected earnings thanks to strong performance by its North American wine division and increased sales of Svedka vodka. The company also offered a bullish forecast for 2011 profits, driving its shares up about 3 percent in early trading.
Constellation, whose wine brands include Clos do Bois and Robert Mondavi, said its total sales for the fourth quarter came in at $715 million, and were boosted by a 14 percent increase in North American sales. The company's sales in Europe and Australia, meanwhile, were lower because the it has discontinued its wine and cider businesses there.
Constellation's bottom line was also helped during the fourth quarter by its joint Crown Imports venture with Grupo Modelo, which imports a handful of beers including Corona into the U.S. Constellation's share of profits from the partnership rose 18 percent thanks to a healthy increase in sales.
Excluding certain items, Constellation earned $74.5 million, or 35 cents per share, in the three months ended February 28th, easily surpassing analysts' expectations of 27 cents per share in a recent Reuters survey. The numbers were also an improvement from a year ago, when the company earned $60.2 million, or 27 cents per share.
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