WXXI AM News

constellation brands

In the latest WXXI Business Report, Constellation Brands is investing in a Canadian marijuana company. Why are they branching out into this industry? Also, changes are coming to a fiber optic ring that brings broadband service to Ontario County, and a precision machining company is leaving the city of Rochester and moving to Greece in order to expand. 

Keuka Spring Vineyards

The wildfires that are ravaging parts of Northern California are also impacting the large wine industry in that region. News of that devastation is on the mind of a Finger Lakes winemaker.

Victor-based Constellation Brands is reporting earnings that topped Wall Street expectations.

For its second quarter, the company saw profits of about $500 million, compared to $359 million a year ago.

Earnings per share of $2.47 topped analysts’ estimates.  Revenues totaled just over $2 billion.

President and CEO Rob Sands says the quarter shows Constellation’s strategy is paying off. He says they remain the leader in the high-end of the U.S. beer market and they are also seeing benefits from focusing on premium wine brands.

This business report takes a deeper look into Akoustis Technologies, a company you may be familiar with and not even know it. Akoustis makes components used to make smartphones work more efficiently. The company that is expanding into the Smart Systems Technology and Commercialization Center and adding more than 200 jobs there.

Also, Constellation Brands will reveal their earnings this week, what Wall Street analysts expect from them, and highlight the recent increase in family leave benefits announced by Constellation.

Constellation Brands

A couple of big moves by Constellation Brands announced on Monday. The company is selling its Canadian wine business for just over $1 billion and is purchasing a  Washington-state based line of wines for $120 million.

Constellation is selling the Canadian wine business to Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. Constellation will continue to own Black Velvet Whiskey and a related production facility in Alberta. The deal is subject to regulatory approval and is expected to close by the end of the year.

Need To Know Rochester: The Business Section

Feb 4, 2013

Matt Daneman of the Democrat & Chronicle discusses the business news of the week including Constellation Brands and Bausch & Lomb.