Constellation Brands exceeded Q2 beer earnings, but faced a $2.5B write-down in wine and spirits.
Constellation Brands, the maker of Corona and Modelo, exceeded second-quarter earnings expectations due to strong beer sales, particularly for Modelo Especial and Pacifico. However, the company faced a significant decline in its wine and spirits segment, leading to a $2.5 billion write-down. Despite this setback, Constellation maintained its annual profit outlook but reduced its sales growth forecast, reflecting ongoing challenges in the wine and spirits market.
October 03, 2024
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