The company’s guidance for the coming year suggests soft wine, liquor, and beer sales
Constellation Brands (NYSE:STZ) won a lot of attention for being the first major company to cozy up to cannabis companies when it acquired a 38% stake in Canopy Growth (NYSE:CGC), but its legacy spirits, wine, and beer business took center stage today following the release of its fiscal third-quarter results and guidance for the coming quarters.
The company’s top-line results were slightly better than industry watchers’ forecasts. However, the bottom-line results were mixed, and its outlook for full-year earnings was lowered. Here’s what you need to know about this company’s results.
Constellation Brands’ big equity investment in Canopy Growth will take some time to pay off, so its results last quarter reflect its legacy beer, wine, and spirits business. The company shipped 14.1% more beer last quarter than the same quarter one year ago, but its wine and spirits shipments were flat.
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