Constellation Brands 1Q Revenue Climbs on Higher Beer Sales

By Matt Grossman

Constellation Brands Inc. Wednesday posted higher sales in its fiscal first quarter, as rising revenue from beer offset a decline in wine and spirits

The Victor, N.Y.-based alcoholic-beverages company posted a first-quarter loss attributable to the company of $4.74 a class A share in the period to May 31, compared with a loss of 94 cents a share a year earlier. The total net loss attributable to the company was $908.1 million, compared with a loss of $177.9 million in the same period last year.

The company's loss included a $665.9 million impairment of brewery construction in progress in Mexico, Constellation said.

Excluding one-time items, Constellation posted adjusted earnings of $2.33 in the quarter. Analysts polled by FactSet were expecting an adjusted profit of $2.35 a share.

Revenue improved to $2.19 billion, from $2.13 billion a year earlier. Analysts were forecasting revenue of $2.02 billion.

Net sales of the company's beer brands, which include Corona and Modelo, grew 14% year-over-year to $1.57 billion. Wine and spirits sales declined 22% to $454.5 million.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

June 30, 2021 08:09 ET (12:09 GMT)

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