Is Constellation Brands Worth a Shot?
Is Constellation Brands Worth a Shot?
Apr 10, 2010 6
THE STARS AREN'T ALIGNING for Constellation Brands (ticker: STZ) Friday morning.
The wine and spirits maker forecasted adjusted earnings of $1.53 a share to $1.68 a share for fiscal 2011, which started March 1, well below the Street's estimates of $1.78 a share.
The company's fourth-quarter loss, however, narrowed to a loss of $51 million or 23 cents a share. Excluding one-time costs the company earned 27 cents a share, ahead of analysts' expectations of 24 cents.
Sales fell to $893 million from $964.9 million.
Constellation also authorized the repurchase of $300 million shares of common stock.
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