Constellation Brands tops Street 2Q forecasts

VICTOR, N.Y. (AP) _ Constellation Brands Inc. (STZ) on Thursday reported fiscal second-quarter profit of $499.5 million.

The Victor, New York-based company said it had net income of $2.48 per share. Earnings, adjusted for non-recurring gains, were $2.47 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.16 per share.

The wine, liquor and beer company posted revenue of $2.3 billion in the period. Its adjusted revenue was $2.08 billion, which also topped Street forecasts. Four analysts surveyed by Zacks expected $2.06 billion.

Constellation Brands expects full-year earnings in the range of $8.25 to $8.40 per share.

Constellation Brands shares have increased 31 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 13 percent. The stock has risen 21 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STZ at https://www.zacks.com/ap/STZ