Constellation Brands reports strong 2nd quarter

Oct 5, 2017
Originally published on October 5, 2017 5:09 pm

Victor-based Constellation Brands is reporting earnings that topped Wall Street expectations.

For its second quarter, the company saw profits of about $500 million, compared to $359 million a year ago.

Earnings per share of $2.47 topped analysts’ estimates.  Revenues totaled just over $2 billion.

President and CEO Rob Sands says the quarter shows Constellation’s strategy is paying off. He says they remain the leader in the high-end of the U.S. beer market and they are also seeing benefits from focusing on premium wine brands.

The company has been seeing rapid growth in its beer business including the acquisition of the Funky Buddha craft brand recently.

President and CEO Rob Sands says the quarter shows Constellation’s strategy is paying off. He says they remain the leader in the high-end of the U.S. beer market

“It’s all part of continuing to develop our business in what we call the high end beer. We’re the number one leader in high end beer and we’re going to build our business and our market share in that segment because that’s where all the growth is," Sands told WXXI News.

Sands says that Constellation is also seeing benefits from focusing on premium wine brands.

Constellation Brands shares have risen 29 percent since the beginning of the year. On Thursday, the stock rose 4% to end the day up $8.07 to close at $209.25