USA: Constellation Brands profit up; outlook unchanged

Beer, wine and spirits company Constellation Brands Inc posted better-than-expected quarterly earnings on July 1st, thanks to price increases and strong sales of higher-profit brands like Clos du Bois, according to Reuters.

Net income was $44.6 million, or 20 cents per share, in the fiscal first quarter ended May 31, up from $29.8 million, or 13 cents per share, a year earlier.

Excluding one-time items such as restructuring costs and acquisition-related expenses, the owner of Robert Mondavi wine and Svedka vodka earned 34 cents per share, beating analysts' average forecast of 31 cents, according to Reuters Estimates.

Net sales rose to $931.8 million from $901.2 million.

Constellation, which owns the world's largest wine business, has been trying to realign its wine portfolio. It recently sold value brands like Inglenook and AlmBusiness.

01 July, 2008