Constellation Brands Inc STZ Shares traded lower on Thursday after the company reported second-quarter financial results.
Constellation Brands reported second-quarter revenue of $2.65 billion, beating analyst estimates of an average of $2.51 billion Gasoline Pro. The company reported quarterly earnings of $3.17 per share, beating analysts’ average estimate of $2.81 per share.
“Our core beer brands, Modelo Especial and Corona Extra, continue to outperform the market, and our next-wave brands Pacifico and Modelo Chelada are delivering strong double-digit growth,” he said Bill NewlandsPresident and CEO of Constellation Brands.
Constellation Brands expects full-year earnings of between $11.20 and $11.60 per share versus an estimate of $11.05 per share.
Constellation Brands is the largest multi-category alcohol supplier in the United States
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STZ Price Promotion: Constellation Brands has a 52-week high of $261.52 and a 52-week low of $207.59.
The stock is down 1.9% at press time to $231.40.
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