VICTOR — Wine, beer and liquor company Constellation Brands Inc. said Wednesday that its net income fell 21 percent in its fiscal fourth quarter as it dealt with a write-off and an income tax provision.
But its adjusted profit and its revenue beat Wall Street’s expectations.
The company, whose brands include Robert Mondavi, Clos du Bois and Simi, earned $81.7 million, or 43 cents per share, for the three months ended Feb. 28. That compares with $103 million, or 51 cents per share, in the prior-year period.
The current quarter included a $9.7 million loss on the write-off of financing costs and a $25.1 million income tax provision. The year-ago period included a $22.5 million income tax benefit.
Excluding the write-off and other items, earnings were 47 cents per share.