Constellation Brands lifted by Q1 earnings report
Constellation Brands Inc. (NYSE:STZ) shares rose Tuesday on better-than-expected first quarter earnings. Constellation Brands, a beverage alcohol maker, reported its first-quarter net income for the quarter ended in May was $44.6 million, up from $29.8 million in the same quarter a year ago. The Fairport, N.Y.-based company said the improved earnings were the result of price increases in domestic and international markets and better sales in high-margin products. The company also eliminated some of its lower-margin products, it said.
Shares of Constellation Brands gained 4.43% to $20.74 Tuesday, but the company is still down more than 11.6% for the year since January.
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