Constellation Brands, Inc.(NYSE:STZ) deals with Crown and Lotte Liquor

893

Dallas, Texas 07/03/2013 (Financialstrend) – Constellation Brands, Inc.(NYSE:STZ) shares currently trading at $50.64, down by 1.21%. The intra-day range of the stock is $50.31 – 51.07. The market capitalization of the company is $9.36 billion.

Constellation Brands, a wine company, said yesterday that its first-quarter earnings were lower than it had expected. It tumbled down by 27% along with the cost of restructuring that overshadowed the stronger sales. The wine and liquor maker raised its full-year outlook by five cents; it has adjusted the earnings from $2.60 to $2.90 per share. In the pre-market trading, shares were down 2.45% at $51.85. However, if compared with the Monday’s close, the stock has risen 50% on the year.
The New York-based Constellation Brands completed its $5.3 billion buyout of half of the Crown Imports of GrupoModelo, their joint venture. This joint venture imports Mexican beers such as Corona to the United States. This move was made as AB Inbev acquired the Mexican brewer for a total amount of $20.1 billion.

The president and the chief executive officer of Constellation Brands, Rob Sands, said that the recent closing of the company’s transformational beer acquisitionwill lead to a very positive fiscal year in 2014. He said that this deal puts the company within the top ranks of the beer industry of the United States and increases the scope and size of the company significantly.

Lotte Liquor, a top beverage company of South Korea, and Constellation Brands announced recently that they have entered into an agreement to import and distribute SVEDKA Vodka throughout South Korea. SVEDKA Vodka is one of the coveted premium spirits brands of Constellation Brands. It is the number two imported vodka in the U.S and the Senior Vice President of Constellation Brandsseesa future with prospects in South Korea.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.