Constellation sees higher profits and sales in latest quarter

Mar 29, 2018
Originally published on March 29, 2018 8:48 am

Constellation Brands is reporting profits and sales for its fourth quarter that beat Wall Street estimates.

The Victor-based producer of beer, wine and spirits saw net income rise to just over $925 million, up from $452 million a year ago.

The company’s bottom line was helped by a $363 million dollar gain due to the recently enacted federal tax legislation.

Earnings per share of $4.64 beat estimates as did sales of $1.77 billion, which were up 8 percent.

The company saw a 12% increase in beer sales, while wine and spirits sales rose 8%.

Constellation also announced that it will raise its quarterly dividend to .74 a share from .52, about a 42% increase.