Bulletin
Investor Alert

New York Markets Close in:

Market Pulse Archives

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

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

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Constellation Brands Inc. Cl A (STZ)
  • X
    Canopy Growth Corp. (CGC)
  • X
    Canopy Growth Corp. (WEED)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Constellation Brands Inc. shares /zigman2/quotes/207737284/composite STZ +3.37% 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 +0.90% /zigman2/quotes/202205609/delayed CA:WEED +0.67% 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 +2.81% 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
$ 181.65
+5.92 +3.37%
Volume: 900,555
June 5, 2020 1:02p
P/E Ratio
N/A
Dividend Yield
1.66%
Market Cap
$33.48 billion
Rev. per Employee
$842,260
loading...
/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 16.78
+0.15 +0.90%
Volume: 4.19M
June 5, 2020 1:03p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.15 billion
Rev. per Employee
$115,039
loading...
/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 22.55
+0.15 +0.67%
Volume: 1.30M
June 5, 2020 12:48p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.29 billion
Rev. per Employee
$150,142
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,199.81
+87.46 +2.81%
Volume: 2.79B
June 5, 2020 1:03p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.