Corona beer maker Constellation Brands tops Wall Street estimates in its second quarter

By Laura Mullan
Constellation Brands Inc. has reported that its second-quarter sales topped Wall Street estimates on Thursday, driven by growing demand for its Corona a...

Constellation Brands Inc. has reported that its second-quarter sales topped Wall Street estimates on Thursday, driven by growing demand for its Corona and Modelo beers during the summer.

The Fortune 500 company said that net sales rose 10.1% to $2.3bn, above analyst estimates of $2.25bn.

Net income attributable to the company more than doubled to $1.15bn, lifted by its current investments in the world’s largest publicly traded marijuana company, Canopy Growth Corp.

SEE ALSO:

Earlier this year, the drinks company launched Corona Premier - the first addition to the Corona franchise in almost three decades.

New product lines as well as its slightly more expensive beer brand Modelo, drove beer sales up about 11% to $1.53bn, according to Constellation Brands.

Its wine and spirits business also reported 9.3% sales growth.

Chief Executive Officer, Rob Sands, said:  “Constellation remains the high-end leader and the most significant growth contributor in the U.S. beer market, and we’re seeing strong growth trends for the super-premium plus segment of our wine portfolio.

“Our $4 billion investment in Canopy Growth provides us with a strong foothold in the emerging global cannabis market, which could be one of the most significant growth opportunities of the next decade.”
 

Share

Featured Articles

Livestock data management platform Breedr raises £12mn

Breedr helps farmers improve their livestock productivity & sustainability. Investbridge Capital led a £12mn funding round to build better farm trading

Coca-Cola, Diginex & Reckitt tech to support supply chains

Respect for human rights is critical to good business, says Coca-Cola’s Paul Lalli, as the company joins diginexLUMEN to catch supply chain forced labour

Luxury food manufacturer Venchi on sustainable packaging

Cècile Osti, of luxury chocolate manufacturer Venchi, on Easter 2022, Sorrento lemons, sustainable packaging, natural ingredients & the pleasure of food

How has the pandemic affected sales at General Mills?

Food

Morrisons partners with Nestle in sustainability scheme

Retail

PepsiCo Launches pep+ a Strategic End-to-End Transformation

Drink