Constellation Brands (STZ) Tops Q2 EPS by 10c; Agrees to Acquire High West Distillery
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Corelogic (CLGX) Tops Q3 EPS by 7c, Expects to Achieve Upper Ends of FY16 Guidance
- Knowles (KN) Tops Q3 EPS by 7c; Guides Q4
- Brixmor Property Group (BRX) Reports In-Line Q3 EPS
Create E-mail Alert Related CategoriesEarnings, Guidance, Hot Guidance, Mergers and Acquisitions
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!