Constellation Brands, Inc. (NYSE: STZ) announced second-quarter 2023 earnings results on Thursday, reporting a 12% increase in net sales.
Comparable earnings, adjusted for one-off items, climbed 33% year-over-year to $3.17 per share in the second quarter. On an unadjusted basis, the company reported a net loss of $1.15 billion or $6.30 per share, compared to a net profit of $1.5 million or $0.01 per share in the prior-year period.
At $2.86 billion, second-quarter net sales were up 12%. Sales in the beer segment grew by 15%, while wine and spirits sales edged up by 1%.
Check this space to read management/analysts’ comments on Constellation Brands’ Q2 2023 earnings
“Our core beer brands, Modelo Especial and Corona Extra continue to outshine the market, and our next-wave brands, Pacifico and Modelo Chelada, are achieving strong double-digit growth. The benefits of our Wine and Spirits strategy are taking hold, as our higher-end brands continue to resonate with the consumer,” said Constellation Brands’ CEO Bill Newlands.
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