Constellation Brands reported second-quarter results that topped Wall Street’s estimates on Thursday, and the stock continued to climb Friday to reach an all-time high.
The wine, beer and liquor company also lifted its full-year earnings outlook again. It now foresees 2014 adjusted earnings between $2.80 and $3.10 per share. Its prior guidance was for $2.60 to $2.90 per share, which was previously raised from $2.55 to $2.85 per share. Analysts expect earnings of $2.83 per share.
The company, whose brands include Robert Mondavi, Clos du Bois and Simi, said it started the quarter by closing on its purchase of the remaining 50 percent stake in Crown Imports that it didn’t already own. As a result, its latest results included a $1.6 billion gain tied to Crown, which brews Corona, Modelo and other brands.