Constellation Brands Earnings: STZ Stock Ticks 2% Lower Despite Q2 Topper

Constellation Brands (NYSE:STZ) earnings for the alcoholic beverage company’s fiscal second quarter of 2021 have STZ stock dipping lower on Thursday. That comes after reporting adjusted earnings per share of $2.76 and revenue of $2.26 billion. Both of these are better than Wall Street’s estimates of $2.51 per share and revenue of $2.19 billion.

Three bottles of Corona beer are arranged in a bowl with ice.

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Here’s what else is worth noting about the most recent Constellation Brands earnings.

  • Adjusted per-share earnings are up 1% from $2.72 in the same period of the year prior.
  • Revenue for the quarter comes in 4% lower than the $2.34 billion reported in fiscal Q2 2020.
  • Operating income of $838.7 million is a 17% increase year-over-year from $719.5 million.
  • The Constellation Brands earnings report also has net income coming in at $512.1 million.
  • That’s a positive change from its net loss of $525.2 million from the same time last year.

Bill Newlands, president and CEO of Constellation Brands, said this in the earnings report.

“Despite the ongoing challenges of the pandemic, we deliver excellent Q2 results, as we continued to invest in brands and capabilities to drive sustainable long-term growth. We remain confident in the resiliency of our business, our brand health and consumer takeaway remain strong, and we are well positioned to deliver a solid year of organic growth in fiscal 21.”

Constellation Brands doesn’t include guidance in its current earnings report. That’s likely due to the novel coronavirus. Many companies are withholding outlooks at this time.

STZ stock was down 2.1% as of Thursday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/constellation-brands-earnings-dip-stz-stock-despite-beat/.

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