Constellation Brands Reports Stronger-Than-Expected Second Quarter Results
Constellation Brands (STZ) reported second-quarter results that exceeded expectations. The company's Non-GAAP earnings per share came in at $3.74, surpassing estimates by $0.19. Revenue reached $2.63 billion, a year-over-year increase of 6%, and beat forecasts by $90 million. The positive performance was highlighted against the backdrop of broader market challenges affecting the consumer staples sector, which fell 3% in Q3 due to factors like rising oil prices, inflation concerns, and investor rotation into tech stocks. Despite these headwinds, Constellation Brands demonstrated resilience with its strong financial results. Looking ahead, analysts have set expectations for continued performance: $2.82 per share earnings in the third quarter on revenue of $2.22 billion; full-year guidance includes a projected EPS of $11.71 and total revenue of $9.09 billion.
Tickers: $STZ
Topics: consumer_staples financial_results