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Constellation Brands posts $2.32B yearly net profit

Constellation Brands Inc. reported net income of $925.5 million for its fiscal fourth quarter ending Feb. 28, up 104.76% from the prior-year quarter's figure of $452 million.

The U.S. drinks company posted gross revenue of $1.77 billion for the period against $1.63 billion in the same period last year.

Cost of sales for the current quarter edged up to $916.8 million compared to $840.3 million in the prior-year period.

The company booked a tax benefit worth $415 million due in part to the new U.S. tax law.

Net income for the full year rose to $2.32 billion from $1.54 billion last year.

The company also declared a quarterly dividend of 74 cents per class A common share and 67 cents per share of class B common stock for the fiscal fourth quarter, payable May 24 to shareholders of record May 10.