Benzinga | Jun 30, 2021 08:13AM EDT

Recap: Constellation Brands Q1 Earnings



Shares of Constellation Brands (NYSE:STZ) were flat in pre-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share rose 1.30% over the past year to $2.33, which beat the estimate of $2.32.

Revenue of $2,027,000,000 higher by 3.26% from the same period last year, which beat the estimate of $2,020,000,000.

Guidance

Constellation Brands said it sees FY22 comparable EPS of $10.00-$10.30.

Details Of The Call

Date: Jun 30, 2021

Time: 11:30 AM

ET Webcast URL: https://edge.media-server.com/mmc/p/rmo9x76z

Price Action

52-week high: $244.75

Company's 52-week low was at $160.63

Price action over last quarter: Up 3.06%

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.