Constellation Brands Inc. (STZ, STZ-B) reported third-quarter net income of $44.1 million, compared to $83.5 million in the same quarter last year. Earnings per Class A common stock for the quarter were $0.20, compared to $0.38 in the year ago quarter.
On a comparable basis, net income for the quarter was $120.4 million or $0.54 per share, compared to $132.0 million or $0.60 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $987.7 million, compared to $1.03 billion in the prior year quarter. Seven analysts had consensus revenue estimate of $906.85 million for the quarter.
For fiscal 2010, On a comparable basis, earnings are still anticipated to be between $1.60 and $1.70 per share. On a reported basis, the company now expects earnings to be in the range of $0.79 - $0.89 per share, compared to prior range of $0.97 - $1.07 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.66 per share for fiscal 2010.
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