Constellation Brands Inc. was “not pleased” with Canopy Growth Corp.’s recent year-end results as the alcohol giant recorded a US$106-million loss in its own financial first quarter in connection with its stake in the Canadian cannabis company. Constellation reported a loss attributable to shareholders for the quarter of US$245.4 million or US$1.30, down from a quarterly profit of US$743.8 million or $3.77 a year prior. However, on a diluted comparable basis commonly referred to as adjusted, Constellation reported earnings per share of US$2.21, up from US$2.20 a year ago and beating the US$2.04 expected by analysts. Constellation said equity losses in connection with its significant stake in the Canadian cannabis company totalled US$106 million on a reported basis or US$54.4 million on an comparable basis. Constellation, which recognizes earnings from Canopy’s results on a two-month lag, holds a 38 per cent stake in the cannabis company.

Source: thestar June 28, 2019 14:02 UTC