UPDATE: Constellation Brands FQ2 Profit Down 23%

Constellation Brands

reported a 23% drop in its fiscal second-quarter profit. Constellation Brands lifted its adjusted income forecast for the year to $2 to $2.10 per share, versus its earlier forecast of $1.93 to $2.03 per share. Constellation Brands' quarterly profit fell to $124.6 million, or $0.67 per share, versus $162.7 million, or $0.76 per share, in the year-ago period. Excluding charges, the company earned $0.71 per share. Its net sales rose 1.2% to $698.5 million. However, analysts were expecting earnings of $0.54 per share on sales of $710 million. Constellation Brands' gross margin declined to 40.8% from 41%. Constellation Brands shares gained 0.81% to $35.00 in pre-market trading.