June 29, 2018 / 11:52 AM / 6 months ago

Corona beer maker Constellation's quarterly profit misses estimates

June 29 (Reuters) - Constellation Brands Inc on Friday reported a lower-than-expected quarterly profit due to higher marketing and transportation costs, and the Corona beer maker forecast full-year earnings that also missed estimates.

The company’s shares fell 4 percent in premarket trading.

Net income attributable to the company rose to $743.8 million, or $3.77 per Class A share, in the first quarter ended May 31, from $398.5 million, or $1.98 per share, a year earlier.

Excluding items, the company earned $2.20 per share, missing analysts’ average estimate of $2.43, according to Thomson Reuters I/B/E/S.

Net sales rose to $2.05 billion from $1.93 billion. (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)

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