Still, shares of the Rochester, New York-based company were down 1.9% in early trading as its overall wine business suffered from lower demand.
The share in dollars of Modelo Especial in the points of sale was 8.5%, while that of Bud Light, from Anheuser-Busch InBevwas 8.1% this year, through the week ending September 16, according to consulting firm Bump Williams, which obtains data from NielsenIQ.
Constellation now expects comparable earnings per share of $12.00 to $12.20 for fiscal 2024, compared to its previous guidance of earnings of $11.70 to $12.00 per share.
However, Garrett Nelson, an analyst at CFRA Research, said the forecast increase was modest, and hinted that the company’s earnings expectations for the last two quarters may have been lowered slightly.
Constellation’s quarterly sales rose 7% to $2.84 billion, versus analysts’ average estimate of $2.82 billion, according to LSEG IBES data.