(Source: Associated Press/AP Online)
FAIRPORT, N.Y. - Constellation Brands, which markets Mondavi wine, Corona beer and Svedka vodka, says its fiscal third-quarter profit fell 30 percent due to restructuring costs and weaker sales, and trimmed the top end of its 2009 forecast due to the slowing global economy.
The world's largest wine maker says it earned $83.5 million, or 38 cents per share, down from $119.6 million, or 55 cents per share, a year ago. Excluding one-time charges, the company earned $132 million, or 60 cents per share, in the latest period.
Sales dipped to $1.31 billion from $1.41 billion, with net sales excluding excise taxes falling 6 percent to $1.03 billion.
Analysts surveyed by Thomson Reuters had expected profit of 59 cents per share on sales of $1.13 billion.
Fairport, N.Y.-based Constellation Brands Inc. tightened its 2009 adjusted profit outlook to a range of $1.68 to $1.72 per share, from a prior forecast of $1.68 to $1.76, citing the economic downturn impacting its key markets.
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