Constellation Brands (STZ) Tops Q2 Earnings, Sales; Stock Up
Zacks Investment Research | Oct 04, 2016 10:02PM ET
Shares of Constellation Brands Inc. (NYSE:STZ) gained 6.3% in the pre-market trading session, as the company raised its fiscal 2017 outlook after posting yet another quarter of spectacular results. In second-quarter fiscal 2017, both earnings and sales saw double-digit year-over-year growth, alongside exceeding expectations. While the quarter marked the company’s eighth consecutive earnings beat in a row, Constellation Brands has surpassed sales estimates for six straight quarters now.
Results were backed by the company’s effective integration and growth of its recently acquired brands, higher margins across its portfolio along with strong consumer demand that was supported by superb marketing and sales strategies for its core, higher margin and premium brands. Further, strength in the company’s beer business, improving trends at its wine and spirits business and solid overall depletion trends helped the beat. The splendid quarter also prompted management to raise its fiscal 2017 outlook.
Q2 Highlights
The company’s adjusted earnings for the second quarter of fiscal 2017 jumped 13.5% year over year to $1.77 per share, outpacing the Zacks Consensus Estimate of $1.66.
CONSTELLATN BRD Price, Consensus and EPS Surprise
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