Constellation Brands Inc. (NYSE: STZ) reported second-quarter fiscal 2014 adjusted diluted earnings per share (EPS) of $0.96 on revenue of $1.46 billion. In the same period a year ago, the premium wine and beverage company reported adjusted diluted EPS of $0.50 on revenue of $698.5 million. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.88 and $1.53 billion in revenue.

On a GAAP basis, EPS totaled $7.74, which includes a $1.6 billion noncash gain on the revaluation of its original 50% stake in Mexican brewer Crown Imports. In June Constellation completed its $4.75 billion acquisition of the 50% of Crown it did not already own. Net income for the quarter on a comparable basis totaled $189 million; including the brewing company acquisition, net income totaled $1.522 billion.

Constellation’s adjusted EPS guidance for the 2014 fiscal year now stands at a range of $2.80 to $3.10, well above the $2.19 EPS for fiscal 2013. The consensus estimate from analysts calls for EPS of $2.83. On a GAAP basis, the company expects to post EPS of $9.30 to $9.60.

The company’s president/CEO said:

As previously discussed, we expect most of our growth for the wine and spirits business to be generated during the second half of the year resulting from the timing of product shipments.

Sales in the company’s wine and spirits segment were flat to the second quarter of 2012 and operating income was down 4%. Without the help of a large noncash tax gain and the Mexican beer business, Constellation would have had a much different quarter. Revenues missed analysts’ consensus estimate, never a good sign in these days of economic tightness.

In premarket trading today, shares are down about 0.6%, at $57.92 in a 52-week range of $28.37 to $59.92. Prior to today’s report, Thomson Reuters had a target price of around $63.40 on the company’s shares.

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