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News
Constellation takes 85% profits hit
Constellation Brands has blamed an 85% slide in fiscal first quarter profits on increased restructuring charges.
The company behind Robert Mondavi wines and Svedka vodka earned $6.5 million, or 3 cents per share, down from $44.6 million, or 20 cents per share, in the same period a year ago. Despite the size of the slide, adjusted results still beat expectations on Wall Street.
Excluding restructuring charges and other items, profit was 33 cents per share for the quarter ended 31 May, beating analysts’ expectations of 32 cents per share.
Sales dropped 15% to $791.6 million partly due to the stronger dollar. Wall Street expected revenue of $780.9 million.
Alan Lodge, 03.06.2009