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Corona beer distributor Constellation Brands shares slide 3.6% as profit lags estimates

Constellation Brands Inc. shares slid 3.6% in premarket trade Friday, after the company’s fiscal first-quarter profit number lagged estimates. The distributor of Corona beer and Robert Mondavi wine said it had net income of $743.8 million, or $3.77 a share, in the quarter to Many 31, up from $398.5 million, or $1.98 a share, in the year-earlier period. Adjusted per-share earnings came to $2.02, well below the FactSet consensus of $2.44. Sales rose to $2.05 billion from $1.93 billion, just ahead of the FactSet consensus of $2.04 billion. Beer sales rose to $1.38 billion from $1.24 billion, while wine and spirit sales edged down to $672 million from $689 million. The company is now expecting fiscal 2019 EPS or $10.93 to $11.23, or adjusted EPS of $9.40 to $9.70. The current FactSet consensus is for fiscal 2019 EPS of $9.73. Shares have gained 1.7% in 2018 through Thursday, while the S&P 500 has gained 1.6%.

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