Corona beer-maker Constellation Brands lifts profit forecast on higher pricing

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Constellation, like peer Brown-Forman, has benefited from increasing prices in a bid to offset steeper input costs.

Alcoholic beverages have also managed to retain demand despite a broader consumer slowdown in the U.S. due to sticky inflation.

The company now expects fiscal 2024 comparable earnings per share between $12.00 and $12.20, as against its previous forecast of profit between $11.70 and $12.00 per share.

Constellation’s quarterly sales rose 7%, to $2.84 billion, compared with analysts’ average estimate of $2.82 billion, as per IBES data from LSEG.