Published on 11 Apr 2024 on Zacks via Yahoo Finance
Constellation Brands (STZ) Beats on Q4 Earnings, Sales Rise
Constellation Brands, Inc. STZ reported fourth-quarter fiscal 2024 results, wherein the top and bottom lines beat the Zacks Consensus Estimate. The company’s sales and earnings improved year over year. Results have primarily gained from the continued strong performance of the beer business.Comparable earnings of $2.26 per share for the fiscal fourth quarter grew 14% year over year and surpassed the Zacks Consensus Estimate of $2.10. On a reported basis, the company has recorded earnings of $2.14, up 77% from the year-ago quarter. Excluding the impacts of Canopy Growth, the company has posted comparable earnings of $2.30 per share, up 7% from the year-ago period.Net sales rose 7% year over year to $2,139 million and outpaced the Zacks Consensus Estimate of $2,103 million. Sales growth was driven by continued strength in the beer business on solid depletion growth and the continued sales momentum in the Modelo brand family.
Constellation Brands Inc Price, Consensus and EPS Surprise
