Constellation Brands beats Q2 estimates

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Constellation Brands Inc. posted stronger-than-expected earnings for its fiscal second quarter, despite coronavirus-related headwinds, but declined to offer guidance given the uncertainty it has created. The company said it had net income of $512.1 million, or $2.62 a share, in the quarter to Aug. 31, after a loss of $525.2 million, or $2.77 a share, in the year-earlier period. The distributor of Corona beer said EPS including equity losses from its investment in Canadian cannabis company Canopy Growth Corp. came to $2.76, and excluding Canopy Growth losses came to $2.91. Sales fell 4% to $2.260 billion. The FactSet consensus was for EPS uf $2.51 and sales of $2.191 billion. Shares were slightly lower premarket, and are down 0.1% in the year to date, while the S&P 500 has gained 4%.
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