Investor Alert

Oct. 6, 2021, 8:08 a.m. EDT

Constellation Brands earnings fall on Canopy Growth losses

Constellation Brands Inc. (NYS:STZ) said Wednesday its second-quarter earnings fell to $1.5 million, or a penny a share, from $512.1 million, or $2.62 a share in the year-ago period. Excluding losses from its ownership stake in Canadian cannabis company Canopy Growth (NAS:CGC) (TSE:CA:WEED) , the wine and spirits company earned $2.52 a share in the latest period. Sales increased to $2.57 billion from $2.46 billion. Analysts expected earnings of $2.79 a share on sales of $2.3 billion, according to a FactSet survey. The company said it expects fiscal 2022 adjusted earnings of $10.15 to $10.45 a share, compared to the analyst projection of $10.05 a share. Constellation Brands shares are down 2.7% this year, compared to a rise of 15.7% by the S&P 500 (S&P:SPX) .

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