Constellation Brands Swings to 4Q Loss Wine and liquor company

Constellation Brands Swings to 4Q Loss

Wine and liquor company Constellation Brands Inc. said Thursday it swung to a fourth-quarter loss, due to a hefty impairment charge on its Australia and U.K. businesses.

But its earnings excluding the charge beat Wall Street estimates, and its shares rose more than 4 percent in premarket trading.

The world’s biggest winemaker said it lost $831.9 million, or $3.90 per share, after paying preferred dividends for the December-February period compared with a year-ago profit of $70.2 million, or 29 cents per share. Read more