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Oct. 3, 2019, 7:51 a.m. EDT

Constellation Brands stock slides 4% premarket after company swings to Q2 loss

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By Ciara Linnane

Constellation Brands Inc. shares /zigman2/quotes/207737284/composite STZ -0.62% slid 4% in premarket trade Thursday, after the Corona beer distributor swung to a loss for its fiscal second quarter. The company said it had a net loss of $525.2 million, or $2.52 a share, in the quarter to Aug. 31, after income of $1.149.5 billion, or $5.41 a share, in the year-earlier period. The company said its share of equity losses and related activities from its $4 billion investment in Canadian cannabis company Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -14.38% /zigman2/quotes/202205609/delayed CA:WEED -14.27% came to $484.4 million, while it recognized $46 million of charges related to cost cutting. Adjusted per-share earnings came to $2.72, ahead of the $2.63 FactSet consensus. Sales rose 2% to $2.344 billion, matching the FactSet consensus. Beer sales rose to $1.640 billin from $1.527 billion. Wine and spirit sales fell to $703.6 million from $772.0 million. The company said it now expects fiscal 2020 EPS of 55 cents to 75 cents and adjusted EPS of $9.00 to $9.20. The current FactSet consensus is for fiscal 2020 adj. EPS of $8.56. Shares have gained 28.6% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.08% has gained 15.2%.

Read the full story:
Corona beer parent stock slides 7% as cannabis investment weighs on earnings

/zigman2/quotes/207737284/composite
US : U.S.: NYSE
$ 182.86
-1.15 -0.62%
Volume: 1.27M
Nov. 14, 2019 4:10p
P/E Ratio
47.42
Dividend Yield
1.64%
Market Cap
$34.93 billion
Rev. per Employee
$842,260
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/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 15.84
-2.66 -14.38%
Volume: 24.26M
Nov. 14, 2019 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.06 billion
Rev. per Employee
$115,039
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 20.96
-3.49 -14.27%
Volume: 5.53M
Nov. 14, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.34 billion
Rev. per Employee
$150,142
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/zigman2/quotes/210599714/realtime
US : S&P US
3,096.63
+2.59 +0.08%
Volume: 1.61B
Nov. 14, 2019 4:20p
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