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.