Reported 12 months ago
Corona beer maker Constellation Brands exceeded Wall Street expectations for first-quarter profit, driven by robust demand for its core beer brands like Modelo Especial and Pacifico. Despite a slowdown in the wines and spirits sector in the US, the company's beer business maintained strong growth with a 6.4% increase in volume depletion. Aggressive pricing strategies, reduced marketing expenses, and sales growth contributed to a 260 basis points rise in the operating margin of Constellation's beer business to 40.6%. The company reported a profit of $3.57 per share, surpassing analysts' predictions, although net sales slightly missed estimates due to soft demand for premium wines and spirits.
Source: YAHOO