Benzinga | Oct 1, 2020 07:38AM EDT

Recap: Constellation Brands Q2 Earnings

Shares of Constellation Brands (NYSE:STZ) fell 0.2% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share increased 1.47% year over year to $2.76, which beat the estimate of $2.50.

Revenue of $2,260,000,000 decreased by 3.58% year over year, which beat the estimate of $2,190,000,000.

Looking Ahead

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

How To Listen To The Conference Call

Date: Oct 01, 2020

Time: 11:30 AM

ET Webcast URL: https://edge.media-server.com/mmc/p/e6fhnopm

Price Action

52-week high: $210.65

52-week low: $104.28

Price action over last quarter: Up 1.94%

Company Description

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.