Corona, Modelo beers drive Constellation beat, wines leave a stain

Bottles of Constellation Brands Inc. Corona beer sit in the cooler of a bar in Ottawa Illinois U.S. on Tuesday

Constellation is the No. 3 beer company in the US with high-end, iconic imported brands such as the Corona and Modelo brand families and Pacifico.

TRADEMARK VIOLATION WARNING: "California State Teachers Retirement System Buys 4,443 Shares of Constellation Brands, Inc".

Beer sales rose 9.3% to $1.09 billion (€970 million) in the fourth quarter ended 28 February as its brands Corona Premier, Familiar and Modelo Especial gained market share in North America during the winter holiday season. Canopy sells pot in Canada and is targeting the USA hemp market.

Constellation also will soon roll out its new Corona Refresca beverage, a flavored malt beverage targeting women.

It will also introduce Modelo Chelada Limón y Sal, a traditional Mexican beer with lime and salt, to strengthen its hold on the Hispanic beer drinking market, which is its biggest. (WEED.TO) can reach $1 billion in annual sales next year.

"(The sale) enables us to continue to strategically focus on our powerhouse, high-margin, high growth brands", said Chief Executive Officer Bill Newlands.

Looking ahead to the 2020 fiscal year, the company said that it sees comparable earnings of $8.50 to $8.80 per share, with operating income from its beer division rising between 7% and 9%, while wine and spirits are expected to see a net decline in sales of 25% to 30%.

The New York-based alcohol producer brought in earnings of $1.84 per share on revenue of $1.79 billion for the quarter, compared to Street expectations of $1.72 EPS on revenue of $1.73 billion.

"We're comfortable with the divestiture".

Beer continues to lead the way for Constellation, with sales up 11.6% to $5.2 billion and operating income increasing 11% to $2 billion. Altman has a stake in the brewer.

The company reported Thursday that it saw profits of almost one-and-a-quarter billion dollars for its fiscal fourth quarter, and sales totaling almost $2 billion.

Constellation earned an adjusted profit of $1.84 per share on sales of $1.80 billion in the fourth quarter.

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