From Financial Modeling Prep: 2024-10-03 12:29:00

Constellation Brands (NYSE:STZ) reported strong second-quarter earnings, with adjusted EPS of $4.32, beating expectations of $4.08. Revenue hit $3.14 billion, surpassing the anticipated $2.95 billion. The beer division, featuring Corona and Modelo, showed mid-single-digit sales growth and double-digit operating margin increase, outperforming the beverage industry.

Despite the positive results, Constellation’s shares dropped over 2% following the announcement. The company reaffirmed its fiscal 2025 EPS guidance of $13.60 to $13.80, but adjusted reported EPS to $4.05 to $4.25 due to a $2.25 billion non-cash goodwill impairment charge related to its Wine and Spirits segment. Operating cash flow and free cash flow projections for fiscal 2025 remain unchanged.



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