VICTOR, N.Y. — Alcohol giant Constellation Brands Inc.’s latest quarterly revenues beat market expectations as its earnings were weighed down by a US$106−million loss in connection with its stake in Canopy Growth Corp.
The U.S.−based maker of Corona beer and Kim Crawford wines posted net sales of US$2.1 billion for its financial first quarter of 2020, up from US$2.05 billion a year earlier and more than the US$2.07 billion expected by analysts.
Constellation reported a loss attributable to shareholders for the three−month period ended May 31 of US$245.4 million or US$1.30, down from a quarterly profit of US$743.8 million or $3.77 a year prior.
However, on a diluted comparable basis, Constellation reported earnings per share of US$2.21, up from US$2.20 a year ago and beating the US$2.04 expected by analysts, according to Thomson Reuters Eikon.
Excluding Canopy Growth equity losses, the New York−based company says it earned US$2.40 per share during the quarter.
Constellation said its equity losses in connection with its significant stake in the Canadian cannabis company totalled US$106 million on a reported basis or US$54.4 million on a comparable basis.
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