Constellation Brands: beer still the powerhouse for growth.

(CercleFinance.com) - Constellation Brands on Thursday forecast higher profit for fiscal year 2018, which started in early March.


The wine and spirits maker forecast earnings per share of 7.65-7.95 dollars for the current fiscal year ending February 2018, compared to 7.52 dollars in the last fiscal year that ended last February.

"Our beer business continues to be a powerhouse for growth," said president and chief executive officer Rob Sands.

While wine and spirits sales remained flat over the fourth quarter, net beer sales increased 11%, primarily driven by volume growth and favourable pricing.

As a reminder, the New York-based company is the prime importer for iconic Mexican beer brands such as Corona Extra, Modelo Especial, and Pacifico.

In all, its fourth-quarter net sales rose 5% to 1.6 billion dollars, while net attributable income rose by 22% to 452 million dollars.

Its shares were up over 4% in pre-market trading on Thursday.

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