USA: Constellation Brands first quarter revenue growth beats analysts’ expectations
Constellation Brands, 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 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 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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