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Constellation Brands fiscal Q1 profit climbs 23.6% YOY

Constellation Brands Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to $1.41 per share, compared with the S&P Capital IQ consensus estimate of $1.52 per share.

EPS climbed 22.0% year over year from $1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $289.7 million, a gain of 23.6% from $234.5 million in the prior-year period.

The normalized profit margin rose to 16.1% from 14.4% in the year-earlier period.

Total revenue rose 14.7% year over year to $1.87 billion from $1.63 billion, and total operating expenses rose 11.9% on an annual basis to $1.31 billion from $1.17 billion.

Reported net income grew 33.0% year over year to $318.3 million, or $1.55 per share, from $239.4 million, or $1.18 per share.