Constellation Brands profit jumps wine sales were weaker than expected in the third quarter but net income more than tripled as it took fewer charges and benefited from a lower tax rate. Its stock fell 6 percent in afternoon trading even as it boosted its full year profit outlook. Currently the world s biggest winemaker, jerseys Constellation moncler camo vest Brands will lose that status when it moncler coat for men offloads most of its Australian and British wine business later this month. Revenue fell 2 percent to $966.4 million as wine sales, which account for more than 90 percent of its revenue, remained weak. For the quarter ended Nov. 30, Constellation Brands earned moncler childrenswear $139.3 million, or 65 cents per share. That compared with moncler vests men earnings of $44.1 million, or 20 cents per share, in last year s September November period when it took $81 million in restructuring, acquisition and other charges. Excluding $6 million in costs from a cider business sale, it earned 66 cents per share. Wall Street was looking for 61 cents a share, according to FactSet. The company now expects full year earnings of $1.80 to $1.85 per share, up from its previous forecast of $1.63 to $1.78 per share. Its effective tax rate for the quarter fell to 29 percent from 35 percent in last year s third quarter, and analysts said that accounted for about 8 cents of its per share profit. The company now anticipates a full year rate of 31 percent. Constellation shares fell $1.32 Moncler Men down Hooded Camouflage Zip Green Vests to $20.26 in afternoon trading. The stock is at the upper end of its 52 week range of $14.60 to $22.52. Wine sales fell 3 percent to $911 million, driven by a 12 percent slump in sales in Europe and Australia. In North America, revenue edged up 1 percent to $676 million despite a drop in the volume of wine sold in the United States. Spirits sales rose 8 percent to $55 million, driven by moncler women jacket sale a 34 percent gain for Svedka. Boosted by volume growth, operating earnings from Crown Imports, its beer joint venture with Mexican brewer Grupo Modelo SA, jumped 27 percent to $58 million. Constellation Brands is offloading 80 percent of its Australian and British wine business to an Australian private equity firm. The $230 million sale, expected to close by the end of January, would shrink it down to No. 2 in the global winemaker rankings behind E. J. Gallo Winery of Modesto, Calif. Investors expect the sale of foreign assets to create a smaller but more profitable business with less risk. "This is the right move for the company and positions us to better achieve the goals associated with our profitable organic growth strategy," CEO Rob Sands said in a statement. "Our third quarter results demonstrate that our strategy is working." In a conference call with analysts, Chief Financial Officer Bob Ryder said the Australian and British business made up about a quarter of net sales "but it contributed very little to profits." Constellation Brands became the world s largest wine business in 2003 when it bought Australian vintner BRL Hardy Ltd. for $1.1 billion. It jumped further ahead of longtime wine leader Gallo when it bought Robert Mondavi Corp. for $1.3 billion. In recent years, the company has shifted its focus toward higher priced wines and spirits, selling off some of its lower price brands after a two decade moncler winter acquisition spree. It also has consolidated divisions and cut its work force to 6,000 people from 8,200 in 2008. The company s wine brands include Clos du Bois, Woodbridge by Robert Mondavi, Blackstone and Ravenswood. It also sells liquors such as Black Velvet Canadian whiskey, and its beer imports include Modelo Especiale from Mexico, Tsingtao from China and moncler sneakers St. Pauli Girl from Germany

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Constellation Brands Inc. (STZ), nfl jerseys the largest wine company in the world, posted its first quarter 2012 results. Street analysts have had nearly a week to ponder the news. In the subsequent paragraphs, we cover the recent earnings announcement, Moncler down Jackets Men hat medium grey analysts estimate revisions as well as the Zacks Rank and long term recommendation on the stock. See the full earnings call transcriptOn June 30, 2011, delivered an adjusted EPS of 39 cents in its first quarter ended May 31, 2011, outperforming the Zacks Consensus Estimate of 37 Moncler Vest down Men black no hat zip cents and improving by a penny from the prior year quarters earnings of 38 cents. Both the reported and prior year quarter s EPS excluded special items like inventory step up costs, net gains/losses from its strategic business realignment initiatives and other items. Netting these items, the company reported EPS of 35 cents versus 22 cents in the year ago quarter. Sales in the quarter plummeted 19.3% to $635.3 million Moncler Women down jacket big neck Grey from the year ago quarter. cider business. However, sales for the quarter surpassed the Zacks Consensus Estimate of $613.0 million. Management s Guidance for 2012 The company expects its fiscal 2012 EPS to be in the band of $1.90 to $2.00. The guidance factors in an interest expense expectation range from approximately $180 to $190 million, an approximate tax rate of 29% and weighted average diluted shares outstanding of approximately 216 million. expects to generate $685 million to $745 million of cash from operations in fiscal 2012 and deploy $85 million to $95 million toward capital expenditure. Accordingly, the company anticipates free cash flow in the range of $600 to $650 million in fiscal 2012. (Read our full coverage on this earnings report: Constellation Shines in 1Q) Agreement of Analysts Estimate revision trends for the upcoming second quarter 2012 portrayed positive moncler sweatshirt sentiments among most of the analysts. Over the last 7 days, 7 out of 8 analysts revisited their estimates and all have adjusted it in upward direction. While for third quarter 2012, 7 analysts revisited their estimates and all have downgraded their estimates, reflecting a negative sentiment among the analysts. Moreover, for full fiscals 2012 and 2013, most of the analysts have negative sentiments. For fiscal 2012, 5 out of 8 analysts revisited their estimates, of which 3 downgraded and 2 upgraded their estimates. Similarly, for fiscal 2013, 2 out of 3 analysts, who revisited their estimates have lowered it and the remaining 1 has adjusted it in upward direction. Magnitude of Estimate Revisions The magnitude of estimate revisions for depicts moncler jackets sale men an optimistic outlook for the upcoming second quarter 2012 and pessimistic outlook for the third quarter of 2012 and for full fiscals 2012 and 2013. The magnitude of estimate revision for the second quarter of 2012 has been increased by 6 cents to 65 cents per share. Over the last 7 days, estimated earnings for third quarter of fiscal 2012 have been decreased yellow moncler vest by 9 cents to 57 cents per share. The company stated that its operating results were under three reporting segments: Constellation Wines (includes branded wines, spirits and other), Crown imports (includes imported beer) and Corporate operations. Currently, holds a Zacks 3 Fashion Moncler Clairy Dowe sleeveless Women Vest Red Rank, implying a short term Hold rating moncler mate on the stock. However, in the long term, we have a Neutral recommendation on the stock

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