: Constellation Brands swings to a profit, adj. 2022 view beats target #FinanceUSA #StockMarketNEWS Constellation Brands Inc. shares rose 1% in premarket trades Thursday after it said its first-quarter
@stockMarketNEWS Fri 01 Jul, 2022
Constellation Brands swings to a profit, adj. 2022 view beats target #FinanceUSA #StockMarketNEWS
Constellation Brands Inc. shares rose 1% in premarket trades Thursday after it said its first-quarter net income increased to 9.5 million, or .06 a share, from a loss of 8.1 million, or .74 a share, in the year-ago quarter. Adjusted profit was .90 a share excluding losses of 24 cents a share from its investment in cannabis company Canopy Growth Corp. . Sales at the wine, spirits and beer maker rose to .36 billion from .03 billion. Analysts expected Constellation Brands to earn .52 a share on revenue of .17 billion, according to FactSet data. Looking ahead, Constellation Brands expects adjusted 2022 profit of .20 to .50 a share, compared to the analyst view of .08 a share. Constellation booked a GAAP loss of 5 million for Canopy Growth in the quarter and said it's recognized a 6 million unrealized net loss since its initial Canopy investment in Canopy in November, 2017.
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