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Constellation Brands’ Earnings Beat Forecasts. Not All the News Was Good.
Stock in Constellation Brands got a brief boost but then slipped back after the spirits maker reported higher earnings than expected but lowered its financial forecasts on a reported basis for the full year. Constellation (ticker: STZ) posted comparable earnings of $2.66 per share in its fiscal first quarter, for a total of $2.90 per share excluding its cannabis business, Canopy Growth Sales climbed 17% to $2.36 billion in the quarter that ended in May, the company said Thursday. The consensus call among analysts tracked by FactSet was for earnings per share of $2.52 from revenue of $2.17 billion.
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