(Updated - January 5, 2018 7:41 AM EST)

Constellation Brands (NYSE: STZ) reported Q3 EPS of $2.00, $0.11 better than the analyst estimate of $1.89. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.87 billion.

• Board of Directors authorizes new $3 billion share repurchase program; $308 million remaining on existing authorization.
• Increases fiscal 2018 reported basis EPS outlook to $8.50 -$8.60 and comparable basis EPS outlook to $8.40 - $8.50

(Street sees FY18 EPS of $8.43)

CEO Rob Sands said, “It’s been a dynamic time for our business. In 2017, Constellation was one of the best performers among S&P 500 Consumer Staples stocks driven by the overall strength of our results and the ongoing growth prospects for our business. We recently established a first mover advantage in an emerging consumer category with our investment in Canopy Growth. We continue to make smart investments with the planned addition of a fifth furnace at our glass production plant in Nava. And, we are pleased with the outcome of tax reform legislation that allows U.S. companies to remain competitive globally and we believe it will be positive for Constellation going forward.”

For earnings history and earnings-related data on Constellation Brands (STZ) click here.