Earnings Results: Constellation Brands’ earnings top estimates as company swings back to profit

by | Oct 5, 2023 | Stock Market

An earlier version of this report had the wrong fiscal 2024 EPS comparison. It has been corrected. Constellation Brands Inc. posted better-than-expected earnings for its fiscal second quarter, but the stock still fell in early trade.

The company
posted net income of $690.0 million, or $3.74 a share, for the quarter to Aug. 31, after a loss of $1.15 billion, or $6.30 a share, in the year-earlier quarter. The company’s adjusted EPS came to $3.70, well ahead of the $3.37 FactSet consensus. Sales rose to $2.837 billion from $2.655 billion a year ago, also ahead of the $2.824 billion FactSet consensus. The company’s beer business posted a 12% increase in sales, driven by an 8.7% increase in shipments. Depletion volume, a metric that measures the number of cases sold by distributors to retailers, rose 7.9%, after rising 5.5% in the first quarter. Modelo Especial’s sales rose nearly 9%, and remained the top-selling brand in the U.S. beer segment, measured by dollar sales. Modelo Especial replaced Anheuser-Busch’s
Bud Light as the bestselling beer in the U.S. earlier this year, …

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