January 8, 2020 / 12:39 PM / 15 days ago

Constellation Brands raises full-year adjusted earnings forecast

Jan 8 (Reuters) - Constellation Brands Inc raised its full-year adjusted earnings forecast on Wednesday and reported a higher-than-expected quarterly sales on strong demand for its beers such as Corona Premier and Modelo Especial.

The brewer now expects to earn $9.45 to $9.55 per share for its fiscal 2020, excluding the impact from its investment in Canadian cannabis producer Canopy Growth on a comparable basis, up from its prior forecast of $9 to $9.20.

Net sales climbed 1.4% to $2 billion, beating the average analyst estimate of $1.95 billion, according to IBES data from Refinitiv. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)

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