Constellation Brands, Inc. (NYSE: STZ) announced third-quarter 2023 earnings results on Thursday, reporting a 5% increase in net sales.
Comparable earnings, adjusted for one-off items, dropped to $2.83 per share in the third quarter from $3.12 per share last year. On an unadjusted basis, the company reported a profit of $467.7 million or $2.52 per share, compared to a net profit of $470.8 million or $2.48 per share in the prior-year period. At $2.44 billion, third-quarter net sales were up 5%.
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“Our Beer Business continued to outperform the market as the top share gainer for the sixth consecutive quarter. Our Wine and Spirits Business further advanced its strategy with our largest higher-end brands delivering growth significantly above the category segments,” said Constellation Brands’ CEO Bill Newlands.