Constellation Brands earnings fall on Canopy Growth losses

Constellation Brands Inc. STZ, +0.02% said Wednesday its second-quarter net fell to $1.5 million, oregon a penny a share, from $512.1 million, oregon $2.62 a stock successful the year-ago period. Excluding losses from its ownership involvement successful Canadian cannabis institution Canopy Growth CGC, +3.48% WEED, +3.38%, the vino and spirits institution earned $2.52 a stock successful the latest period. Sales accrued to $2.57 cardinal from $2.46 billion. Analysts expected net of $2.79 a stock connected income of $2.3 billion, according to a FactSet survey. The institution said it expects fiscal 2022 adjusted net of $10.15 to $10.45 a share, compared to the expert projection of $10.05 a share. Constellation Brands shares are down 2.7% this year, compared to a emergence of 15.7% by the S&P 500 SPX, +1.05%.