Constellation Brands Inc. reported fiscal second-quarter earnings per share of $2.48 on a GAAP basis, up 42% from $1.75 year over year, as net income attributable to the company surged to $499.5 million from $358.9 million.
The company's reported operating income for the quarter ended Aug. 31 rose 17% to $713.9 million from $610.9 million a year ago, while gross profit increased 10% to $1.07 billion from $969.0 million.
Net sales rose 3% to $2.08 billion from $2.02 billion. The company's beer segment generated net sales of $1.38 billion, up 12.8% from $1.22 billion. Net sales from the wine and spirits division fell 11.7% to $705.6 million from $798.7 million.
Constellation Brands raised its reported EPS forecast for the year ending Feb. 28, 2018, to between $7.90 and $8.05.
"During the quarter, we gained market share, improved margins, continued to generate strong free cash flow and executed exceptionally well," said Executive Vice President and CFO David Klein. "These results are driving the upward revision to our EPS estimate for the year."