Constellation Brands Inc.
STZ,
+2.93%
said Wednesday it had a net loss of $908.1 million, or $4.74 a share, in its fiscal first quarter to May31, narrower than the loss of $177.9 million, or 94 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to $2.33, while earnings excluding its stake in Canadian cannabis company Canopy Growth Corp.
CGC,
+0.49%
WEED,
+1.00%
came to $2.51. The FactSet consensus was for $2.35. Sales rose to $2.027 billion from $1.963 billion a year ago, squeaking ahead of the $2.021 billion FactSet consensus. Sales growth was driven by Meiomi wine, The Prisoner Brand Family, Simi, Ruffino and High West, the company said in a statement. Chief Executive Bill Newlands said the beer business delivered double0-digit net sales and profit growth, while the wine business is poised to drive accelerated growth and profitability. The company said it now expects fiscal 2022 EPS to range from $2.70 to $3.00 and for adjusted EPS to range from $10.00 to $10.30. The FactSet consensus is for $10.06. It expects to repurchase about $500 million of its own shares in the second quarter, after buying back 2.2 million shares for $523 million through June 30. Shares were slightly higher premarket and have gained 5% in the year to date, while the S&P 500
SPX,
+0.05%
has gained 14%.