From Nasdaq, Inc.:

Constellation Brands held their Q3 fiscal year 2024 earnings call, reporting strong performance in their beer business with over 8% depletion growth and leading share gains. They executed $215 million of share repurchases in Q3 and maintained their net leverage ratio unchanged. However, their wine and spirits business saw a marketplace deceleration, leading to a revised fiscal ’24 organic net sales guidance of down 7% to 9%. The wine and spirits business president, Robert Hanson, will be stepping down, and CEO Bill Newlands will lead the business in the interim. Despite revisions, Constellation Brands maintains confidence in their fiscal ’24 net sales growth guidance of 8% to 9%.



Read more: Constellation Brands (STZ) Q3 2024 Earnings Call Transcript