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Constellation Brands posts 25 percent drop in profit in 3rd qtr on weaker wine, beer sales
ROCHESTER, N.Y. (AP) ' The maker of Robert Mondavi wine and Svedka vodka says its third-quarter profit fell 25 percent on weaker wine and beer sales in North America.
Constellation Brands Inc.'s earnings narrowly missed Wall Street estimates.
The Victor, N.Y.-based company reported net income of $104.8 million, or 52 cents per share, in the September-to-November quarter. That's down from $139.3 million, or 65 cents per share, a year earlier.
Excluding one-time items, Constellation earned 50 cents per share. Wall Street expected 53 cents per share, according to a survey by FactSet.
Its revenue slumped 27 percent to $700.7 million from $966.4 million largely because it sold the bulk of its Australian and British wine business last January.
Its wine and spirits sales in North America fell 4 percent. Beer sales dropped 12 percent.