Mixed Bag For Constellation Brands: Earnings Reveal Strong Profits Amid Sales Forecast Cut
Constellation Brands Inc (NYSE:STZ) announced its earnings results Friday for the three months ending on November 30, 2023, showing mixed outcomes. The wine and spirits distributor reported a rise in net income to $509.1 million, or $2.76 per share, up from $467.7 million, or $2.52 per share, in the same period last year. Constellation recently stepped back from the cannabis-infused drinks market.
The company’s sales, totaling $2.471 billion, marked a slight increase from $2.437 billion a year earlier but fell short of the anticipated $2.538 billion. This led to a downward revision of the full-year guidance, now expecting fiscal 2024 EPS to be between $9.15 and $9.35, a drop from the previous forecast of $9.60.
Q3 2024 Financial Highlights
- Revenue was $2.47 billion, a sight increase from the $2.44 million from the …
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