Constellation Brands Inc. (STZ, STZ_B) reported that its fourth-quarter net income declined to $81.7 million or $0.43 per share from $103.0 million or $0.51 per share in the same quarter last year.
Comparable net income for the quarter was $90.3 million or $0.47 per share, compared to $138.1 million or $0.69 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $695.9 million from $628.1 million in the prior year quarter. Nine analysts had consensus revenue estimate of $666.57 million for the quarter.
For fiscal 2014, the company expects comparable basis earnings per share of $2.55 - $2.85 and reported basis earnings per share of $2.29 - $2.59. Analysts expect the company to report earnings of $2.75 per share for fiscal 2014.
The outlook assume the beer business acquisition closes at the end of the first quarter fiscal 2014 and exclude acquisition accounting impacts.
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