Constellation Brands (STZ) tops consensus expectations, raises FY24 EPS guidance
Constellation Brands (NYSE: STZ) shares have dipped slightly in premarket trading after the company reported earnings for its second quarter.
The beverages company reported earnings of $3.70 per share, $0.34 better than the analyst estimate of $3.36, while revenue for the quarter rose 7% YoY, coming in at $2.84 billion versus the consensus estimate of $2.82 billion.
The company said its beer business achieved strong net sales and operating income, each posting double-digit increases, while its wine and spirits business delivered a strong relative performance, driven by its largest higher-end wine brands.
STZ experienced continued strong demand across its high-end portfolio.
The company raised its fiscal 2024 reported EPS outlook to between $12 and $12.20, up from its previous expectation of between $11.70 and $12 per share.
By Sam Boughedda