Constellation Brands forecasts higher profits

 

Constellation Brands Inc forecasts full-year profit above Wall Street estimates.   The company has increased beer, wine, and spirits prices to combat elevated costs. Despite inflation, consumers have continued to buy Constellation's premium beer brands. The company's beer segment looks set for a strong fiscal 2024 with price hikes and new product launches. Constellation expects full-year adjusted profit per share between $11.70 and $12.00. The company's shares rose more than 1% to $224 before the bell, but revenue fell 5% to about $2.0 billion, missing analysts' average estimate. Demand for premium and fine wine has also remained robust.