(Finance) – Constellation Brandsan American group active in the alcoholic beverages sector, closed the third quarter of fiscal year 2024 with a EPS of $2.76 and a Comparable EPS of $3.19, exceeding analysts’ expectations for $3 (according to LSEG data). The sales quarterly results were $2.47 billion, compared to analysts’ average estimate of $2.54 billion.
“Our beer business achieved excellent results in the third quarter thanks to our industry-leading brands – commented the CEO Bill Newlands – Modelo Especial experienced double-digit volume growth and continued to extend its position as the No. 1 beer in tracked channel dollar sales in the United States. Our other major beer brands, Corona Extra and Pacifico, also experienced solid growth and were among the top 10 companies for market share growth in the U.S. beer category.”
“This exceptional performance strengthened our belief in our business outlook for fiscal 2024, despite an adjustment to our wine and spirits guidance due to short-term difficulties in the wine market“, he added.
The company has kept his prediction of comparable earnings for fiscal 2024 between $12.00 and $12.20 per share.
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