Constellation Brands earns $75M profit in 1Q
Constellation Brands earns $75M profit in 1Q
Jul 6, 2011 6
ROCHESTER, N.Y.—Constellation Brands Inc., which sells Robert Mondavi wine, Svedka vodka and Corona beer, said Thursday its first-quarter profit jumped 52 percent to $75 million on cost-cutting efforts and improved sales of wine, spirits and imported beers in North America.
Overall revenue, however, dropped 19 percent to $635 million largely because the company shed the bulk of its struggling Australian and British wine business in January.
Net income equaled 35 cents per share, beating Wall Street expectations. A year earlier, the company earned $49.1 million, or 22 cents a share, as sliding domestic sales of wine were more than offset by lower restructuring charges.
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