TAP - Beer Is The Only Thing Constellation Brands Does Not Have To Worry About | Benzinga
On Friday, Constellation Brands (NYSE: STZ) reported its third quarter financials that fell short of expectations as persistently high inflation slowed down the demand for its high-priced spirits. Like its peer, Molson Coors Beverage Company (NYSE: TAP), Constellation Brands turned to price hikes in an effort to navigate rising production costs.
Third quarter sales fell short of market expectations.
Constellation Brands posted a third quarter comparable profit of $3.19, topping LSEG’s estimate of $3, on sales of $2.47 billion that came short of analyst estimates of $2.54 billion. Sales rose 1.4% YoY while analysts expected 2.6%. When it comes to premium wines and spirits, organic net sales tanked 7%, with the Corona beer maker now expecting an annual drop of 7% to 9% for ...