Constellation's profit falls 63 pct on units sale
Constellation's profit falls 63 pct on units sale
Apr 5, 2012 6
(WSJ) - Constellation Brands said Thursday that its fiscal fourth-quarter net income fell 63 percent as a result of the divesture of its Australian and U.K. wine business. But the company said a new product mix helped boost its North America sales.
A weak outlook for 2013 sent Constellation's stock down sharply. Shares of Constellation fell $2.19, or almost 9 percent, at $24.69 in premarket trading.
For the three months ended Feb. 29, the Victor, N.Y.-based wine and spirits company said it earned $103 million, or 51 cents per share. That compares with a profit of $279.8 million, or $1.32 per share, in the year-ago period.
Not including one-time items, the company said it earned 69 cents per share. By that measure, analysts on average expected a profit of 39 cents per share
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