Constellation Brands Tops Q3 Expectations with $3.24 EPS
Constellation Brands Inc. (NYSE: STZ) showcased robust financial performance in the third quarter of fiscal 2024. The company reported net sales of $2.47 billion, a 1% increase from the previous year, with the Beer segment contributing significantly to this growth.
This performance was driven by strong brand momentum and strategic market investments, highlighting Constellation Brands’ solid market positioning and operational efficiency.
Constellation Brands Reports EPS of $3.24
Constellation Brands delivered a notable performance against expectations set at an EPS of $3.02 and revenue of $2.54 billion. The company reported a comparable EPS of $3.24, exceeding the forecast and reflecting its solid operational execution and strategic initiatives.
The firm revised its fiscal 2024 guidance, projecting net sales growth of 8-9% for the Beer segment and operating income growth of 7-8%. The updated guidance reflects the company’s confidence in sustained growth and profitability, backed by strong brand performance and strategic investments.
This outlook emphasizes Constellation Brands’ focus on long-term shareholder value and market leadership.
STZ Up 1.31% in Premarket Trading
Constellation Brands’ stock price showed significant movement after the earnings announcement, rising to $245.5 in premarket trading at the time of writing, a 1.31% increase from its previous close of $242.33. The stock is up 16.13% over the last one year.
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