UPDATE: Constellation Posts Downbeat Q1 Profit

Constellation Brands

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.