Constellation Brands’ (NYSE: STZ) quarterly profit outstripped Wall Street estimates, driven by robust demand for its core beer brands, including Modelo Especial and Pacifico.
Yet, the company’s wines and spirits business, along with the broader consumer industry, experienced a slowdown in the US.
The company reported net sales of $2.66 billion in the quarter, which compare with market consensus of $2.67 billion.
The Corona beer maker posted a comparable profit of $3.57 per share during the quarter ending May 31st. A consensus of analyst estimates had pointed to earnings of $3.46 per share.
Operating margin in Constellation Brands’ beer business went up 2.6% to 40.6% in the quarter.
Stock Performance
The shares of Constellation Brands Inc (STZ) closed 3.31% ($8.57) lower at $250.37 in New York on Wednesday, as they reversed a gain from the previous market session.
The beer maker’s total market cap now stands at $45.622 billion.
The shares of Constellation Brands Inc (STZ) went up 4.31% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 3.56% so far this year.
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