Constellation Brands (STZ) Tops Q1 EPS by 21c, Offers Guidance
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Constellation Brands (STZ) Q1 performance boosted by strong beer sales
June 30, 2023 8:55 AM EDT(Updated - June 30, 2023 9:02 AM EDT)
Shares of Constellation Brands (NYSE: STZ) are down more than 2% premarket Friday after the company released earnings for its latest quarter.
The company reported Q1 comparable EPS of $3.04 (excluding Canopy EIE), $0.21 better than the analyst estimate of $2.83, while revenue for the quarter came in at $2.52 billion versus the consensus estimate of $2.47 billion.
STZ said its beer business achieved strong double-digit net sales growth and a mid-single-digit depletion increase primarily driven by the continued momentum of the Modelo brand family.
"Our Beer Business... More
