UPDATE: Constellation Posts Downbeat Q1 Profit
Constellation Brands (NYSE: STZ) reported a drop in its first-quarter profit.
Constellation's quarterly profit declined to $52.9 million, or $0.27 per share, versus $72.0 million, or $0.38 per share, in the year-ago period. Its adjusted earnings came in at $0.38 per share.
Its revenue surged to $673.4 million from $634.8 million. However, analysts were projecting earnings of $0.40 per share on revenue of $673.0 million.
Constellation now expects 2014 full-year earnings of $2.32 to $2.62 per share.
Constellation shares fell 1.19% to $52.52 in after-hours trading.
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