Constellation Brands Inc. said its normalized net income for the fiscal first quarter ended May 31 came to $1.78 per share, compared with the S&P Capital IQ consensus estimate of $1.98 per share.
EPS climbed 21.8% year over year from $1.47.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $358.8 million, an increase of 19.2% from $301.0 million in the year-earlier period.
The normalized profit margin rose to 18.5% from 16.1% in the year-earlier period.
Total revenue grew on an annual basis to $1.94 billion from $1.87 billion, and total operating expenses fell on an annual basis to $1.27 billion from $1.29 billion.
Reported net income rose 26.3% on an annual basis to $402.1 million, or $2.00 per share, from $318.3 million, or $1.55 per share.
