Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Constellation Brands Inc.’s stock STZ, +0.41% fell 2% in premarket trade Thursday, after the distributor of Corona beer and Kim Crawford wines posted better-than-expected earnings for its fiscal second quarter but offered guidance that lagged consensus by a wide margin. The company posted net income of $690.0 million, or $3.74 a share, for the quarter to Aug. 31, after a loss of $1.15 billion, or $6.
30 a share, in the year-earlier quarter. The company’s adjusted EPS came to $3.70, well ahead of the $3.37 FactSet consensus. Sales rose to $2.837 billion from $2.655 billion a year ago, also ahead of the $2.824 billion FactSet consensus. The company is now expecting fiscal 2024 EPS of $9.60 to $9.80, below the $11.72 FactSet consensus. The stock has gained 8% in the year to date, while the S&P 500 SPX, +0.81% has gained 11%.
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