Winemaker Constellation Brands posts $44M profit
ROCHESTER, N.Y. (AP) — Constellation Brands, the company that markets Mondavi wine, Svedka vodka and Corona beer, says its third-quarter profit fell 47 percent on restructuring costs and weaker wine and spirits sales.
But without one-time items, the results narrowly beat Wall Street forecasts.
The company said Thursday it earned $44.1 million, or 20 cents a share, in the quarter ended Nov. 30. That compared with a profit of $83.5 million, or 38 cents a share, a year earlier.
It says sales fell 4 percent to $987.7 million from $1.03 billion.
Excluding one-time costs, Constellation says it earned 54 cents a share. That is 2 cents a share above Wall Street estimates.