Vintner’s quarterly profit surges 78%

It was news worth toasting: Constellation Brands Inc.’s quarterly profit jumped 78 percent on higher wine and spirits sales in North America, a lower tax rate, and a drop-off in charges after four years of cost-cutting. The world’s number two vintner raised its full-year profit guidance by 10 cents to a range of $1.92 to $2.02 per share, acquired the rest of Italy’s Ruffino wines it did not already own, and reported it has bought back $251 million worth of its own shares. Net income for the quarter climbed to $162.7 million, or 76 cents per share. Excluding $4 million in one- time charges, Constellation earned 77 cents per share. Analysts expected 65 cents. The Victor, N.Y., company’s brands include Robert Mondavi and Clos du Bois wines and Svedka vodka.