Constelllation Brands Inc. (NYSE:STZ) shares rose in premarket trade after the international producer and marketer of beer, wine and spirits unveiled its market beating second quarter results.
The owner of brands including Corona Light, Robert Mondavi and Ballast Point, said net income for the quarter to August 31 rose to US$499.5mln, or US$2.48 a share, from US$358.9mln, or US$1.75 a share, in the same period a year ago.
Company hikes outlook
Excluding non-recurring items, adjusted earnings per share came in at US$2.47, soundly beating Wall Street’s consensus for US$2.17.
Net sales rose to US$2.08bn from US$2.02bn, and again above market expectations for US$2.06bn. This was driven by the better-than-expected beer division sales, which helped to offset a miss in sales at the wine and spirits division, the company said in a statement.
Constellation Brands also hiked its adjusted EPS outlook to US$8.25 to US$8.40 from US$7.90 to US$8.10.
In premarket, its shares rose 5.95% at US$213.16.