Constellation Brands Inc. (NYSE: STZ) reported fourth-quarter and full-year fiscal 2014 results before markets opened Wednesday. The premium wine and beverage company reported adjusted diluted earnings per share (EPS) of $0.81 on revenue of $1.29 billion. In the same period a year ago, the company reported diluted EPS of $0.47 on revenue of $696 million. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.76 and $1.29 billion in revenue.

For the full year, Constellation reported EPS of $3.25 on revenues of $4.87 billion, compared with year-ago EPS of $2.19 $2.8 billion. The consensus estimates called for EPS of $3.20 on revenues of $4.87 billion.

Constellation forecast adjusted EPS for its 2015 fiscal year in a range of $3.95 to $4.15, a sharp increase of 21.5% to 27.7%. Beer sales are targeted to rise by mid-to-high single digits and operating income growth in the company’s beer segment is expected to rise in low-to-mid 20% range. Sales and operating income in the company’s wine and spirits segment is forecast to rise in the low-to-mid single digit range.

In June Constellation completed its $5.3 billion acquisition of the 50% of Crown it did not already own. Excluding the impact of the acquisition, operating income in Constellation’s beer business could be expected to rise in the 10% to 12% range.

The company’s CEO said:

We kicked off the year with a smooth transition for our transformational beer acquisition. We are executing an effective integration plan as we work diligently to expand our new brewery in Mexico while maintaining the strong momentum of our U.S. commercial beer business.

Sales in the company’s wine and spirits segment were flat to the fourth quarter of 2013 but operating income rose 4%. Without the 13% growth in beer sales and the 95% growth in the beer segment’s operating income, Constellation would have had a much different quarter and year. Now the company needs to deliver on its commitment to growing profits in its sales of wine and spirits.

In premarket trading Wednesday, shares were up about 3.4% to $84.24, in a 52-week range of $46.83 to $85.91. Prior to this report, Thomson Reuters had a target price of around $86.30 on the company’s shares.

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