STZ - Strong Beer Performance Fueled Constellation Brands To Overcome Slumping Wine And Spirit Demand | Benzinga
On Thursday, Constellation Brands Inc (NYSE: STZ) touted the strong performance of its beer portfolio as the Corona beer maker raised its annual guidance upon delivering a fiscal second quarter sales and profit beat. Like its peer, Brown-Forman Corporation (NYSE: BF-B), Constellation benefited from increasing prices, helping offset steeper raw material costs. Constellation’s beer business benefitted from the backlash its rival Anheuser-Busch Inbev (NYSE: BUD) faced due to its partnership with transgender influencer Dylan Mulvaney. Although concerns about Constellation’s other liquor offerings sent shares lower 3.2% on Thursday, they were still 6% up year-to-date.
Fiscal Second Quarter Highlights
Constellation's quarterly sales rose 7%, to $2.84 billion, topping analysts' average estimate of $2.82 billion, as per IBES data from LSEG. Earnings per share amounted to $3.70. Beer sales ...