Constellation Brands (NYSE:STZ) announced that it earned $124.6 million, or 67 cents per share in its last fiscal quarter, versus a profit of $162.7 million, or 76 cents per share in the same period last year. Excluding items, the company earned 71 cents per share, beating estimates of 54 cents. Sales increased by 1.2% to $698.5 million, below estimates of $710 million. Margins fell to 40.8% from 41%. The company projects non-GAAP EPS of $2.00 to $2.10 for the 2013 fiscal year, versus forecasts of $1.98 per share. The company expects GAAP EPS of $1.87 to $1.97 per share.
Shares are higher by about 4.4 percent.
The wine and liquor industry is fiercely competitive, and Constellation faces intense competition from other established companies in the industry, including Beam (NYSE:BEAM) and Diageo (NYSE:DEO), as well as other regional and local firms in various markets.
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