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Shares of Constellation Brands Inc. rose after hours Monday after the beer and wine maker reported quarterly results that beat expectations and stuck with its full-year outlook, although management said higher prices and
deportation fears continued to keep its large segment of Hispanic consumers from going out more frequently.
Constellation’s second-quarter sales fell 15% year over year to $2.48 billion, but that was still above Wall Street’s estimates for $2.46 billion. The company’s adjusted earnings per share were $3.63, above estimates for $3.38. Constellation’s fiscal second quarter ran through August.