Constellation Brands : 2Q Net Sales Down More Than 3%, But Beat Consensus Estimate

By Allison Prang

Constellation Brands Inc. said net sales dropped more than 3% in the second quarter, while the company swung to a profit from a year-earlier loss.

The beverage company said Thursday that net profit for the second quarter was $512.1 million, or $2.62 a share. In the year-earlier quarter, Constellation had a net loss of $525.2 million, or $2.77 a share.

Adjusted earnings were $2.76 a share. According to FactSet, analysts had been expecting $2.51 a share.

Net sales were $2.26 billion, down 3.6% from a year earlier. Analysts had expected $2.19 billion.

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(END) Dow Jones Newswires

10-01-20 0805ET