Constellation Brands reported first-quarter adjusted earnings of $3.43 per share, beating the consensus estimate of $3.25, while revenue of $2.43 billion edged past expectations of $2.41 billion. The beer segment drove results with net sales up 2% to $2.28 billion and operating income also rising 2% to $891.4 million, though total company sales declined 3% year-over-year. Within the beer portfolio, Modelo Especial depletion volumes fell about 2% and Corona Extra dropped more than 5%, while Pacifico, Victoria, and Modelo Chelada grew 21%, 14%, and 6% respectively. The company reaffirmed its full-year adjusted earnings guidance of $11.20 to $11.90 per share, with the midpoint of $11.55 remaining below the analyst consensus of $11.74. Shares rose 2.4% in premarket trading following the results.
Constellation Brands Inc Class ABeat Q1 earnings and revenue forecasts, though full-year guidance midpoint below consensus.