New York, March 25 - Constellation Brands Inc cut its fiscal 2009 earnings outlook on Wednesday, citing disappointing demand in Europe and Australia during last year's Christmas and New Year holidays.
The world's largest wine producer, with brands including Robert Mondavi and Clos du Bois, also said it plans to eliminate about 5 percent of its global workforce, as it seeks to manage costs in the recession.
As of March 31, 2008, Constellation had 8,200 full-time employees.
Constellation said it expected earnings of $1.60 to $1.62 per share, excluding special items, in the current fiscal year, down from its prior estimate of $1.68 to $1.72.
On a net basis, Constellation expects to earn $1.26 to $1.28 per share, since it must now record a $430 million goodwill impairment charge for its international businesses.