Constellation Brands (NYSE:STZ), Inc announced first quarter fiscal 2024 adjusted earnings of $2.91 per share, up from $2.66 per share a year ago and surpassing the Zacks Consensus Estimate of $2.83 per share.
The alcohol beverages maker’s revenue for the period rose to $2.51 billion from of $2.36 billion during the same quarter last year while also beating analyst expectations by 1.26%.
Constellation Brands (NYSE:STZ) has topped consensus revenue estimates three times over the last four quarters, according to Zacks Equity Research.
The company noted that its beer business achieved 11% year-over-year net sales growth and a mid-single-digit depletion increase, driven primarily by the continued momentum of the Modelo brand family
Beverages produced by Constellation Brands (NYSE:STZ) include Corona Extra, Modelo Especial, and Robert Mondavi wines.
The company’s quarterly financial results included a $123.5 million impairment charge related to its investment in Canopy Growth Corp.
Zacks’ current consensus earnings per share estimate is $3.39 on $2.84 billion in revenues for the coming quarter and $11.65 on $10.05 billion in revenues for the current fiscal year.
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