Constellation Brands Inc (NYSE:STZ) reported a larger than expected profit for the first quarter fiscal 2025 financial results driven by strength in its beer business.
The alcohol producer and marketer behind more than 100 brands including Corona, Modelo Especial, Kim Crawford and Meiomi posted earnings per share (EPS) were $3.57, up 17% year-over-year and ahead of the $3.46 consensus.
This prompted the company to lift its full-year earnings guidance to between $14.63 and $14.93 per share from its earlier forecast of $13.40 to $13.70 per share.
Sales for Q1 were $2.66 billion, up 6% from the year-ago quarter but just shy of the $2.67 billion expected by analysts.
Its beer business achieved high single-digit net sales growth and double-digit operating income growth attributed to volume growth and cost savings initiatives.
However, the sales miss weighed on the stock post-earnings, which traded down 1.9% at about $254 late morning on Wednesday.