By Matt Grossman
Constellation Brands Inc. on Thursday posted lower sales and earnings in the latest quarter, though its adjusted profit beat analysts' expectations.
The Victor, N.Y.-based beer, wine and spirits maker logged per-share earnings of $2.48 for its Class A common stock, down from $6.55 a year earlier. Net income attributable to the company for the third quarter declined to $470.8 million from $1.28 billion.
Earnings were $3.42 a share on an adjusted basis. Analysts had forecast adjusted earnings of $2.77 a share, according to FactSet.
Sales declined to $2.32 billion from $2.44 billion, the company said. Analysts were expecting sales of $2.29 billion.
Beer sales rose 4% to $1.75 billion. Wine and spirits sales dropped by 25% to $568 million, the company said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
01-06-22 0805ET