Not Even Canopy Growth Can Be a Buzzkill for Constellation Brands's Q3
Marijuana producer Canopy Growth (NYSE: CGC) swiped a quarter's worth of per-share profits from Constellation Brands (NYSE: STZ), but the beer, wine, and spirits distributor still managed to beat analyst expectations and maintain strong growth across all of its beverages.
Earnings actually fell year over year, and sales crept only 1% higher in the third quarter. But the results remained better than what Wall Street was expecting and led Constellation to raise its outlook for the year.
Canopy Growth's negative effect on Constellation Brands was much less than feared. Image source: Getty Images.
Source Fool.com
