Constellation Brands Misses Wall St. Forecasts


No toasts for Constellation Brand's first quarter results. The world's largest wine maker with brands like Mondavi and Ravenswood disappointed Wall Street. Earnings fell 27 percent to 52-point-9 million dollars, breaking a five-quarter streak of positive surprises. Higher costs for grapes and overhead squeezed profit. Sales of wine rose during the seasonally slow period and beer sales increased despite poor weather in the U.S., but overall sales missed estimates.