Constellation Brands beats on earnings as Modelo-fueled beer momentum continues
Publishing timestamp: 2023-10-05 13:00:19
Summary
Constellation Brands reported double-digit sales growth in its beer business, driven by demand for its Modelo Especial and Modelo Chelada brands as well as Corona Extra. The company raised its guidance for fiscal 2024 and exceeded analysts' expectations for earnings and revenue in the second quarter. However, sales of wine and spirits lagged behind. The company's wine and spirits brands faced lower demand, but standout brands such as Meiomi and Kim Crawford saw growth. The CEO expects the wine and spirits business to benefit from price increases and direct-to-consumer channels in the future.
Sentiment: POSITIVE
Tickers: STZ,
Keywords: retail industry, breaking news: business, business news, earnings, liquor, alcoholic beverages, business, constellation brands inc, food and drink, beer,
Source: https://www.cnbc.com/2023/10/05/constellation-brands-stz-earnings-q2-2024.html