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October 5, 2023 : Constellation Brands, the maker of Corona and Modelo beer, beat analyst expectations on earnings Thursday as its beer business continued to perform well.
The company’s net sales for the second quarter of fiscal 2024 rose 12% to $2.837 billion, beating analyst expectations of $2.824 billion. Net income attributable to Constellation Brands increased 8.7% to $3.70 per share, beating analyst expectations of $3.37 per share.
The company’s beer business was the main growth driver, with sales increasing 12% to $2.26 billion. Constellation Brands said that the increase in beer sales was driven by strong demand for Modelo brands, such as Modelo Especial and Corona Extra, as well as increased shipments to retailers.
Constellation Brands’ wine and spirits business also performed well, with sales increasing 8% to $577 million. The company said that the increase in wine and spirits sales was driven by strong demand for its premium wine brands, such as Meiomi and The Prisoner, and increased shipments of spirits to retailers.
Constellation Brands raised its full-year fiscal 2024 guidance for net sales and adjusted earnings per share. The company now expects net sales to be $11.75 billion to $12.00 billion, from its previous guidance of $11.60 billion to $11.85 billion. The company also expects adjusted earnings per share to be in the range of $11.40 to $11.60, up from its previous guidance of $11.20 to $11.40.
Constellation Brands’ earnings beat analyst expectations on Thursday as its beer business performed well. The company also raised its full-year fiscal 2024 guidance for net sales and adjusted earnings per share.
Constellation Brands is one of the largest beer companies in the world, and its strong earnings performance is a sign that the beer industry is recovering from the COVID-19 pandemic. The company’s focus on premium brands is also paying off, as consumers are increasingly willing to pay more for high-quality beer.
