UPDATE: Constellation Brands Posts 4.5% Rise In Q3 Profit, Lifts FY13 Forecast
Constellation Brands (NYSE: STZ) reported a 4.5% rise in its fiscal third-quarter profit.
Constellation Brands lifted its adjusted income forecast for the year to $2.10 to $2.20 per share, versus $2 to $2.10 per share.
Constellation Brands' quarterly profit surged to $109.5 million, or $0.58 per Class A share, versus $104.8 million, or $0.52 per share, in the year-earlier period. Excluding special items, the company earned $0.63 per share.
Its net sales climbed 9.5% to $766.9 million. However, analysts were expecting earnings of $0.55 per share on sales of $752 million.
Its gross margin rose to 40.5% from 40.4%, while input costs climbed 9.2%.
Constellation Brands shares gained 3.99% to $37.50 in pre-market trading.
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