Shares of Constellation Brands, Inc. (NYSE: STZ) stayed green on Wednesday. The stock has gained 7% year-to-date and 14% over the past three months. Last week, the company delivered better-than-expected results for the first quarter of 2024 but cut its earnings outlook for the full year. Here’s a look at the brewer’s expectations for fiscal year 2024:
Revenue and earnings
Constellation’s net sales grew 6% year-over-year to $2.51 billion in the first quarter of 2024. Reported net income declined more than 60% to $136 million, or $0.74 per share, compared to last year. Comparable EPS rose 9% to $2.91.
The company lowered its guidance for FY2024 reported EPS to $9.35-9.65 from the previous range of $11.60-11.90. It reaffirmed its outlook for comparable EPS of $11.70-12.00.

Beer business
In Q1 2024, Constellation recorded an 11% year-over-year growth in net sales, helped by a 7.5% growth in shipments, driven by strength across brands such as Modelo Especial, Modelo Chelada, Corona Extra and Pacifico. Depletion growth was 5.5% helped by strong demand for high-end Mexican beer brands.
For FY2024, the company expects net sales for its beer segment to grow 7-9% and operating income to grow 5-7% compared to the previous year.
Wines and spirits
Constellation has been revamping its wines and spirits portfolio to focus more on higher-end brands, and as part of these efforts, it divested some of its mainstream wine brands. In Q1, the company saw strength across its premium and fine wine brands with gains in Meiomi, Kim Crawford, and The Prisoner Wine Company.
Net sales for this segment fell 10% in Q1, with shipments down 13% and depletions down 6.3%. Organic net sales dropped 6%. For FY2024, Constellation expects organic net sales for the wines and spirits division to be down 0.5% to up 0.5%. Operating income is expected to grow 2-4%.
Constellation expects the wines and spirits division to pick up pace through the remainder of the fiscal year helped by growth in higher-end brands, growth in the direct-to-consumer channels, a return to growth in international markets, and lower marketing spend.
Most Popular
ORCL Infographic: Oracle Q3 profit rises on higher revenues
Technology giant Oracle Corporation (NYSE: ORCL) Monday reported higher revenues and adjusted earnings for the third quarter of 2025. Total revenues increased to $14.13 billion in the February quarter from
eBay (EBAY): Here are a few strategic initiatives anticipated to fuel growth
Shares of eBay Inc. (NASDAQ: EBAY) fell over 4% on Monday. The stock has gained 8% year-to-date. The company delivered revenue and profit growth for the fourth quarter of 2024
After mixed Q2, can Costco navigate consumer caution and tariff woes?
Costco Wholesale Corporation’s (NASDAQ: COST) second-quarter report failed to impress the market as earnings missed estimates amid cautious consumer spending. The mixed results have come at a time when retailers,