STZ - Stellar Beer Sales Souring Wine: Constellation Brands' Q3 Earnings Reveal Diverse Portfolio Performance | Benzinga
Constellation Brands Inc (NYSE: STZ), an international producer and marketer of beer, wine, and spirits, reported third-quarter FY24 net sales growth of 1.4% year-on-year to $2.47 billion, missing the analyst consensus of $2.54 billion.
Net sales for the Beer segment increased 4% Y/Y to $1.968 billion, and Wine and Spirits declined 8% Y/Y to $502.4 million.
Shipment volume for Beer climbed 3.4%, while Wine and Spirits plunged 11.6%.
Gross profit increased 3.6% to $1.27 billion, and the operating income rose 6.7% to $796.9 million. The operating margin for the quarter was 32.2%.