Constellation Climbs After Reporting Profit Beat and Wine Sale

(Bloomberg) -- Constellation Brands Inc., the owner of Corona and Modelo beer, beat analyst estimates for the fourth quarter, giving a boost to new chief executive officer Bill Newlands as he reshapes the company’s alcohol portfolio in a bid to sustain growth.

• The company reported comparable earnings per share of $1.84, beating analysts’ average estimate of $1.71.

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Market Reaction

• Shares of Constellation rose 2.7 percent to $184.51 at 9:47 a.m. in New York.

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