Constellation Brands Profit Falls 38%, Cuts Full-Year Outlook

Constellation Brands Inc reported on Wednesday a 38.5% drop in third-quarter profit, burdened by higher freight and input costs, and cut its adjusted profit outlook for fiscal 2019.

It now expects earnings per share to be between $9.20 and $9.30, down from prior forecast of $9.60 to $9.75 per share.

Net income attributable to the company fell to $303.1 million, or $1.56 per Class A share, in the quarter ended 30 November from $492.8 million , or $2.45 per share, a year earlier.

News by Reuters, edited by Donna Ahern Checkout. Click subscribe to sign up for the Checkout print edition.