Constellation Brands expects fiscal 2024 adjusted earnings of between $12 and $12.20 a share.
Constellation Brands raised fiscal-year earnings expectations after reporting second-quarter profit and revenue that beat Wall Street estimates, driven by strength of the Modelo brand.
However, the company’s wines and spirits sales fell 14% in the second quarter to $444.1 million, pushing shares lower by 2.4% on Thursday. Constellation Brands reported fiscal second-quarter adjusted earnings of $3.70 a share on sales of $2.84 billion. Analysts surveyed by FactSet were expecting the parent of Modelo and Corona beers to report earnings of $3.37 a share on revenue of $2.82 billion.“Modelo Especial continued to outperform the market as the top share gainer and solidified its position as the No. 1 beer in U.S. tracked channels,” Chief Executive Bill Newlands said in a press release.
Constellation Brands raised its adjusted earnings outlook for fiscal 2024, saying it expects profit of between $12 and $12.20 a share, above prior estimates of $11.70 to $12 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $11.72 a share.
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