Benzinga | Jan 7, 2021 07:49AM EST

Constellation Brands: Q3 Earnings Insights



Shares of Constellation Brands (NYSE:STZ) gained 3.2% in pre-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share rose 44.39% year over year to $3.09, which beat the estimate of $2.39.

Revenue of $2,438,000,000 higher by 21.96% year over year, which beat the estimate of $2,230,000,000.

Guidance

Constellation Brands said it sees FY21 comparable EPS of $9.80-$10.05.

Conference Call Details

Date: Jan 07, 2021

Time: 11:30 AM

ET Webcast URL: https://edge.media-server.com/mmc/p/6ws6k5v8

Technicals

52-week high: $226.32

Company's 52-week low was at $104.28

Price action over last quarter: Up 20.54%

Company Overview

Constellation Brands is the largest multi-category alcohol supplier in the U.S. The business is anchored by a portfolio of Mexican beer trademarks, including Corona and Modelo, for which it acquired exclusive and perpetual U.S. ownership from AB InBev. The latter had to divest these rights due to antitrust mandates as it consummated its 2013 acquisition of dominant Mexican brewer, Grupo Modelo. Constellation's wine/spirits business has been in flux, and it is currently divesting several lower-margin assets, including myriad wine brands and its Ballast Point craft beer brand. The firm imports most products after manufacturing them abroad, going to market through independent wholesalers. It owns 37% of Canopy Growth, a leading provider of medicinal and recreationally legal cannabis products.