Constellation Brands (STZ) Tops Q2 EPS by 10c; Agrees to Acquire High West Distillery
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Constellation Brands (NYSE: STZ) reported Q2 EPS of $1.75, $0.10 better than the analyst estimate of $1.65. Revenue for the quarter came in at $2.02 billion, versus $1.73 billion reported last year.
Today, the company announced an agreement to purchase the Utah-based High West Distillery for approximately $160 million. This acquisition includes a portfolio of distinctive, award-winning and high-end American straight whiskeys and other spirits brands. With High West, which has experienced double-digit volume growth year over year for the past three years, Constellation Brands enters the dynamic and profitable high-end craft whiskey market segment. "High West will be an excellent addition to our spirits portfolio and we look forward to partnering with the team there to continue to develop distinctive high-quality whiskeys that consumers love," said Sands. The transaction is expected to close by the end of October.
Constellation Brands sees FY2017 EPS of $6.30-$6.45.
For earnings history and earnings-related data on Constellation Brands (STZ) click here.
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