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

Constellation Brands Inc. shares STZ, -5.79% slid 3.6% in premarket industry Friday, after the company's fiscal first-quarter benefit quantity lagged estimates. The distributor of Corona beer and Robert Mondavi wine said it had web income of $743.8 million, or $3.77 a proportion, within the quarter to Many 31, up from $398.5 million, or $1.98 a proportion, within the year-earlier length. Adjusted per-share earnings came to $2.02, neatly 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 corporate is now expecting fiscal 2019 EPS or $10.93 to $11.23, or adjusted EPS of $9.40 to $9.70. The present FactSet consensus is for fiscal 2019 EPS of $9.73. Shares have won 1.7% in 2018 via Thursday, while the S&P 500 SPX, +0.08% has won 1.6%.