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Wine Producer Misses Forecast, And Shares DiveFAIRPORT, N.Y., Jan. 4 (AP) — Constellation Brands said on Thursday that its profit edged up 1 percent in its fiscal third quarter, helped by sales of imported beer and brand wines, but crimped by heightened competition in Britain. The results were below Wall Street expectations, and shares of Constellation, which is based in Fairport, N.Y., near Rochester, fell $3.25, or 11.44 percent, to $25.15. The company sells a variety of wines, among them Ravenswood and Estancia, and imports beer brands including Corona and St. Pauli Girl, as well as Fleischmanns vodka, 99 Schnapps, Skol gin and Black Velvet Canadian whiskey. In the three months ended Nov. 30, net income was $107.8 million, compared with $106.5 million in the period a year earlier. Excluding acquisition-related costs, restructuring and other special items, earnings were 58 cents a share — short of the 60 cents forecast by Thomson Financial analysts. Sales before excise taxes rose nearly 17 percent, to $1.83 billion, from $1.57 billion a year earlier. Net sales after excise taxes were $1.5 billion compared with $1.27 billion. Revenue from brand businesses grew 18 percent, helped by the acquisition of Vincor International, another large wine company, based in Mississauga, Ontario. Net sales of imported beer rose 16 percent, and total sales of spirits were up 4 percent. A 29 percent increase in revenue from brand wines in North America contributed to an overall 21 percent increase in brand-wine sales on a constant-currency basis. But European sales fell 3 percent, dragged down chiefly by an abundance of Australian bulk wine in Britain. In 2003, Constellation acquired a big Australian producer, BRL Hardy, for $1.1 billion in cash and stock, a deal that made it the worlds largest wine business. It grew further when it bought Robert Mondavi late in 2004 for $1.3 billion. Tag CloudExternal InformationAdditional InformationFour Men, but Not Ernst & Young, Are Charged in Tax Shelter Case...House prices overvalued, says MPC’s Kate Barker... High-Tech Crime Is an Online Bubble That Hasn?t Burst... World Business Briefing: Buyout Group Abandons Qantas Bid... Where Am I?News Main Page - Business - Wine Producer Misses Forecast, And Shares Dive |
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