Constellation Brands' Modelo-driven success fuels earnings beat
TL;DR Summary
Constellation Brands, the owner of Modelo Especial and Corona Extra, reported strong earnings and revenue for its fiscal second quarter of 2024, surpassing analysts' expectations. The company experienced double-digit sales growth in its beer business, driven by the success of the Modelo brand family. However, sales of wine and spirits declined. Constellation Brands raised its earnings per share outlook for fiscal 2024 and expects growth and margin improvement in its wine and spirits division in the second half of the year.
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