Constellation Brands Q1: Earnings Beat, 11% Sales Growth In Beer Business & More
Portfolio Pulse from Shivani Kumaresan
Constellation Brands, Inc (NYSE:STZ) reported Q1 FY24 net sales growth of 6.4% YoY to $2.51 billion, beating the analyst consensus. The Beer segment sales increased 11% YoY, while Wine and Spirits declined 10% YoY. The company declared a quarterly cash dividend of $0.89 per share. Despite the positive report, STZ shares are trading lower by 2.28% in premarket.
June 30, 2023 | 1:00 pm
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Constellation Brands reported a strong Q1 FY24 with net sales growth of 6.4% YoY, beating analyst consensus. However, the stock is trading lower in premarket.
Despite reporting strong Q1 FY24 results and beating analyst consensus, Constellation Brands' stock is trading lower in premarket. This could be due to the decline in the Wine and Spirits segment or other market factors not mentioned in the article.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100