Constellation Brands Inc (NYSE:STZ) shares are trading lower Thursday after the company reported second-quarter financial results.
Constellation Brands reported second-quarter revenue of $2.65 billion, which beat average analyst estimates of $2.51 billion, according to Benzinga Pro. The company reported quarterly earnings of $3.17 per share, which beat average analyst estimates of $2.81 per share.
“Our core beer brands, Modelo Especial and Corona Extra, continue to outshine the market, and our next wave brands, Pacifico and Modelo Chelada, are achieving strong double-digit growth,” said Bill Newlands, president and CEO of Constellation Brands.
Constellation Brands expects full-year earnings to be between $11.20 and $11.60 per share versus the estimate of $11.05 per share.
Constellation Brands is the largest multi-category alcohol supplier in the U.S.
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STZ Price Action: Constellation Brands has a 52-week high of $261.52 and a 52-week low of $207.59.
The stock was down 1.9% at $231.40 at time of publication.
Photo: Stock Catalog from Flickr.
