The Beer Business Continues To Do The Heavy Lifting For Constellation Brands
Portfolio Pulse from Upwallstreet
Constellation Brands (NYSE:STZ) reported strong first quarter results, driven by robust beer sales which offset weaker performance in its wine and spirits segment. The company surpassed Wall Street profit estimates and raised its earnings outlook for the full fiscal year.
July 03, 2024 | 2:18 pm
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Constellation Brands reported strong Q1 results with net sales growing 5.8% YoY to $2.66 billion, driven by an 8% YoY increase in beer sales. The company surpassed profit estimates and raised its earnings outlook for the full fiscal year.
The strong performance in the beer segment, which is the major revenue source for Constellation Brands, along with the raised earnings outlook, is likely to positively impact the stock price in the short term.
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