By Allison Prang
Constellation Brands Inc. saw profit fall in its fourth quarter but also logged growth in its top line and beer shipment volume.
The alcoholic beverage company said net income attributable to the company was $382.9 million, or $1.95 a share, compared to $398.4 million, or $2.04 a share, a year earlier. The company had less income in the most recent fourth quarter from unconsolidated investments compared to a year ago and its provision for income taxes also rose.
Adjusted earnings were $1.82 a share. Analysts were expecting $1.58 a share for adjusted earnings, according to FactSet.
Sales rose 2.6% to $1.95 billion. Analysts were expecting $1.86 billion.
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