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Corona maker Constellation Brands tops quarterly profit estimates on strong beer business

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Constellation Brands reported a comparable profit of $3.57 per share for the quarter ended May 31, beating analysts’ estimates of $3.46 per share, as per LSEG data

on Wednesday beat Wall Street estimates for first-quarter profit, helped by strong demand for its core beer brands, which offset the sluggish wines and spirits business.

The company has seen persistent demand for its core beer brands, including Modelo Especial and Pacifico, although its wines and spirits business, along with the broader consumer industry, saw a slowdown in the United States.

 

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