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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Constellation Earnings Top $1.5B 0 comments
    Oct 3, 2013 11:00 AM | about stocks: STZ, BUD

    Originally published at www.seclive.com

    Constellation Brands Inc. (NYSE:STZ) announced its financial results for the first quarter of fiscal year 2014, reporting earnings of $1.5B. The company closed its largest deal in June with Anheuser Busch InBev NV (NYSE:BUD), paying $5.3B for U.S. distribution rights for Corona and some other Mexican beers. Upon completion of the transaction, Constellation became the third-largest beer supplier to the United States. Constellation reported earnings this quarter of $1.52B, or $7.74 per share, up from $124.6B or $0.67 per share a year ago. The stark contrast is explained by a $1.6B asset gain and had this been excluded, earnings per share would have been up from $0.71 to $0.96. Gross margin slipped slightly from 40.8% to 39.5% while wine and spirits volume increased 1.8% and beer volume increased 1.1%.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: STZ, BUD
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