UPDATE 1-Constellation Brands profit misses Wall Street forecast
(Adds analysts' estimates, outlook, share activity)
July 2 (Reuters) - Alcoholic beverage company Constellation Brands Inc reported lower-than-expected quarterly earnings on Tuesday, citing higher costs for grapes and other items.
Shares of the world's biggest branded wine maker, whose labels include Robert Mondavi and Ravenswood, fell 2.2 percent to $52 in premarket trading even though it raised its forecast for the full fiscal year.
Net income was $52.9 million, or 27 cents per share, in the first quarter ended on May 31, down from $72.0 million, or 38 cents per share, a year earlier.
Excluding one-time items, earnings were 38 cents per share. On that basis, analysts on average were expecting 40 cents, according to Thomson Reuters I/B/E/S.
Net sales rose 6 percent to $673.4 million. Analysts had forecast $674.4 million.
The company raised its full-year outlook, citing expectations for reduced interest expense. It now expects earnings of $2.60 to $2.90 per share, excluding items, up from a prior forecast of $2.55 to $2.85.
(Reporting by Martinne Geller in New York; Editing by Lisa Von Ahn)