Constellation Brands (STZ) tops consensus as Modelo brand momentum continues

Shares of Constellation Brands (NYSE: STZ) edged slightly lower premarket after the company reported earnings for its latest quarter, topping consensus earnings and revenue expectations.

The company posted third-quarter earnings of $3.24 per share, $0.22 better than the analyst estimate of $3.02, while revenue for the quarter came in at $2.47 billion, up 1% year-over-year and above the consensus estimate of $2.54 billion.

The company said its beer business achieved strong, high single-digit depletion growth and solid net sales growth that was primarily driven by the continued momentum of the Modelo brand family.

"The continued strong performance of our beer portfolio in Q3 has given us the confidence to raise our full-year outlook for that business," said STZ CFO Garth Hankinson.

The company expects 2024 full-year beer net sales growth of 8% to 9%. Overall, Constellation Brands sees FY2024 EPS between $12.00 and $12.20, above the consensus of $11.87.

Shares are down 0.2% premarket at $241.85 per share.

By Sam Boughedda

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