Constellation Brands Inc. STZ shares fell 1.8% in premarket trades after the spirits maker reported a lower third-quarter profit. Constellation Brands said its third-quarter net income fell to $467.7 million, or $2.52 a share, from $470.8 million, or $2.48 a share in the year-ago quarter. Adjusted profit at the spirits maker was $2.83 a share. Excluding losses from its stake in cannabis company Canopy Growth Corp. CGC, Constellation Brands earned $3.01 a share. Wall Street analysts expected Constellation Brands to earn $2.89 a share, according to a survey by FactSet. Third-quarter net revenue at Constellation Brands rose to $2.44 billion from $2.32 billion, ahead of the analyst estimate of $2.39 billion. Looking ahead, Constellation Brands expects full-year earnings of 15 cents to 35 cents a share, or adjusted profit of $11 to $11.20 a share, compared to the analyst estimate of $10.98 a share.
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