Constellation Brands, Inc. (NYSE: STZ) announced first-quarter 2024 earnings results on Friday, reporting a 6% increase in net sales.
Comparable earnings, adjusted for one-off items, increased to $2.91 per share in the first quarter from $2.66 per share last year. On an unadjusted basis, the company reported a profit of $135.9 million or $0.74 per share, compared to $389.5 million or $2.06 per share in the prior-year period. At $2.51 billion, first-quarter net sales were up 6%.
“Our Beer Business delivered double-digit net sales growth and continued to outperform the market as the top share gainer. Meanwhile, our higher-end Wine and Spirits Business outperformed the higher-end of the U.S. wine category and gained share in that segment,” said Constellation Brands’ CEO Bill Newlands.