By Allison Prang

Constellation Brands Inc.'s profit rose from a year ago as net sales increased, and were also helped by the comparison to a year earlier when Constellation's results included a hefty impairment of assets held for sale.

Profit at the alcohol-seller was $1.28 billion, or $6.55 a share, which was more than the $360.4 million, or $1.85 a share, in earnings the company had a year earlier. Adjusted earnings at Constellation were $3.09 a share. According to FactSet, analysts were expecting $2.42 a share.

A year earlier, the company logged a $390 million impairment of assets held for sale. For the most recent third quarter, that impairment was $21 million.

Net sales rose to $2.44 billion, climbing 22% year over year. Wall Street was expecting $2.23 billion.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 07, 2021 08:02 ET (13:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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