STZ - Constellation Brands' Continued Beer Strength Offsets Its Wine And Spirits Weakness | Benzinga
Despite a decline in the wine and spirits business, Constellation Brands (NYSE: STZ) outperformed its expectations with beer sales with its latest quarterly report. Constellation Brands, whose operations span across the U.S., Mexico, New Zealand, and Italy, delivered a stronger than expected fourth quarter profit, with management indicating that the segment greatly contributed to its success over the fiscal year.
Fourth Quarter Highlights
For the quarter that ended in February, Constellation Brands posted revenue of $2.3 billion, surpassing Wall Street estimates of $2.1 billion. It reported earnings per share of $2.26, also surpassing analyst estimates of about $2.10.
The beer business continued its strong growth momentum with its 56th consecutive quarter of volume growth. CEO Bill Newlands also added the company achieved a significant milestone this year, as Modelo Especial became the number one beer in U.S. dollar sales. Beer sales through retailers alone expanded 8.9%, compared ...