Constellation Q3 Beer Depletions Up 9.1%, Shipments up 5.9%

Dear Client:In Q3 FY18, Constellation's beer business grew depletions 9.1%. But shipments were up just under 6%, with the gap between those two attributed "primarily due to timing." Those numbers are below YTD trends, especially for shipments: Year-to-date depletions are up 9.5%, while shipments are up 8.4% (recall, Q2 depletions were up 8.1% and shipments were up a whopping 11.7%).For the quarter, chief Rob Sands highlighted Modelo's particularly robust contribution to beer trends in the earnings statement: The Modelo brand