Constellation delivers beer profits, but weakness in wine prompts a downgrade

Earnings

Bottles of Corona, Modelo and Pacifico beer are displayed on the a shelf at a supermarket on April 6, 2017 in San Rafael, California.
Justin Sullivan | Getty Images

Constellation Brands reported an earnings beat on Wednesday that was driven by strength in its beer business. However, shares fell 4% after an initial move up, as investors — including us — remain troubled by continued weakness in the wines and spirits business.

Articles You May Like

Man who claimed to be inventor of bitcoin referred to UK prosecutors for alleged perjury
Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates
What to know about airline refunds, delays as global IT outage causes ‘mass chaos,’ expert says
The ultra-wealthy just gained $49 trillion in wealth thanks to stocks
Retail crime ‘queenpin’ faces five years in prison, millions in restitution