Constellation Brands (NYSE: STZ) reported second-quarter 2021 financial results before the opening bell on Thursday. The company reported a 4% dip in Q2 sales to $2.26 billion, beating the Wall Street consensus. Earnings of $2.62 per share were also stronger than what analysts had anticipated.
STZ shares fell modestly immediately following the announcement. The stock has traded flat since the beginning of this year.
CFO Garth Hankinson said,” We continue to generate strong financial results despite headwinds related to COVID-19. Double-digit free cash flow growth has enabled ongoing debt reduction and progress in achieving our targeted leverage goal.”
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Shares of Gap Inc. (NYSE: GPS) were up 5.8% in afternoon hours on Friday. The stock has gained 103% over the past 12 months. Gap reported mixed results for the