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Corona Distributor Beats Quarterly Sales, Profit Estimates Fueled by Mexican Beer Demand [Yahoo! Finance News]

Constellation Brands, Inc. (STZ) 
Last constellation brands, inc. earnings: 4/3 07:30 am Check Earnings Report
US:NYSE Investor Relations: cbrands.com/investors
Constellation Brands Inc STZThis comes after news on Thursday that Corona will stop production, as the Mexican government deemed breweries as an unessential business. The alcohol beverage giant said sales in the fourth quarter ended February rose 6% to $1.9 billion beating estimates of about $1.8 billion. The company saw earnings of $2.06 per share surpassing estimates of $1.64 EPS.Net income fell to $398 million, or $2.04 a share, from $1.24 billion, or $5.87 a share, in the year-earlier period.“You see a lot of channel shift, and you see this in many recessionary environments,” Bill Newlands, President and Chief Executive Officer said in a CNBC interview on Friday. “This one, admittedly, is a bit uncharted because one piece is really closed, which is the on-premise [consumption], as you know, but you do see channel shifting and you see people buying more and you see them consuming it at home.”Despite the solid results and positive outlook, Constellation Brands pulled its fiscal year Show less Read more
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