Shares of Constellation Brands dropped 7 percent in premarket trading Wednesday morning after the brewer released a disappointing outlook for the fiscal year.
Here’s what the company reported for its fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.37, adjusted, vs. $2.06 expected
- Revenue: $1.97 billion vs. $1.91 billion expected
Constellation Brands said it expects to earn between $9.20 and $9.30 per share for the fiscal 2019 year, on an adjusted basis, missing analysts’ expectations of $9.43 per share.
Net sales rose 9 percent from the previous year to $1.97 billion, topping expectations of $1.91 billion.