After all, when times get tough, folks turn to their vices. Despite what we believe to be strong underlying dynamics, shares are selling off today. This could be because some investors are selling STZ shares to raise cash for more beaten-down names. Shares of Constellation were down less than 4% year to date prior to report earnings and remain a relative outperformer for the year.
Trucks with Constellation Brands Inc. Corona and Modelo beer sit during a delivery in the Zona Rosa neighborhood in Mexico City, Mexico. reported solid fiscal first-quarter earnings on Thursday before the opening bell. The wine, beer and liquor company reported net sales of $2.36 billion, up 17% year over year and above Wall Street expectations. On the bottom line, the company said it had adjusted earnings of $2.66 per share, an increase of 14% over the prior year and a beat on the $2.52 consensus.