Constellation Brands' shares tumble as higher costs hit beer supply chain
Publishing timestamp: 2023-01-05 18:24:28
Summary
Constellation Brands stock is trading lower after the company reported inflationary struggles in its beer supply chain, despite strong performance of its core beer portfolio. The company said it plans to continue price increases on its beer products to match higher operating costs, and lowered its earnings outlook for the fiscal year. For the third quarter, the company's net income fell to $467.7 million, or $2.52 per share, from $470.8 million, or $2.48 per share, from the year before.
Sentiment: NEGATIVE
Tickers: STZ,
Keywords: business, earnings, food and drink, business news, beverages, constellation brands inc,
Source: https://www.cnbc.com/2023/01/05/constellation-brands-stz-q3-earnings.html