Constellation Brands, a leading producer of beer, wine, and spirits, decided to raise its annual profit outlook on Thursday after exceeding its expected sales for the second quarter. The maker of Corona beer saw sales perform particularly well among its ranges of beer and spirits.
While analysts expected the American alcoholic beverage manufacturer to report an expected second-quarter revenue of $2.82 billion, the company’s real sales from the three months were $2.84 billion; a 7% quarterly rise. This increase in sales comes after the company implemented some price increases in an effort to offset rising production costs.
Despite stubborn inflation and rising interest rates, consumer demand for alcoholic beverages appears to have remained steady. As a result of its strong sales performance, Constellation expects comparable earnings per share between $12.00 and $12.20 for 2024, compared to a previous forecast between $11.70 and $12.00 per share.