Corona-parent Constellation Brands to record $106 million loss as its share of Canopy Growth's losses [MarketWatch]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: MarketWatch
Corona-parent Constellation Brands to record $106 million loss as its share of Canopy Growth's losses Shares of Constellation Brands Inc. STZ, -1.01% eased 0.1% in morning trading Friday, after the owner of Corona and Modela beer and Svedka vodka brands disclosed that it's share of Canopy Growth Corp.'s CGC, -7.76% WEED, -6.24% fiscal fourth-quarter losses comes to $106 million, or $78.2 million after including tax benefits. The company, which owns a 35.8% stake in Canada-based cannabis company Canopy, said it recognizes equity in earnings from its equity-method investment in Canopy on a 2-month lag. Canopy reported late Thursday a fourth-quarter net loss of C$323.4 million ($244.8 million). Constellation said it expects to record those losses in its fiscal first-quarter, which ended in May. Constellation's stock has gained 9.6% over the past three months, while the U.S.-listed shares of Canopy have shed 10.0% and the S&P 500 SPX, -0.16% has gained 3.4%.
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News
- Constellation Brands Announces Conversion of Common Shares and Exchange of Promissory Note Into Exchangeable Shares of Canopy Growth Corporation [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Constellation Brands Announces Conversion of Common Shares and Exchange of Promissory Note Into Exchangeable Shares of Canopy Growth CorporationGlobeNewswire
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- With the market oversold, we're buying a geopolitical hedge and an unfairly punished beer stock [MSNBC.com]MSNBC.com
STZ
Earnings
- 4/11/24 - Beat
STZ
Sec Filings
- 4/18/24 - Form 8-K
- 4/16/24 - Form 4
- 4/12/24 - Form 144
- STZ's page on the SEC website