Constellation Lowers Beer Guidance After Q3

Dear Client: After Constellation Beer posted a 2.4% depletions trend in FYQ2, chief Bill Newlands dismissed the results as "purely a near-term issue."  But FYQ3 results are now in. Depletions for the beer business are up 3.2% -- a far cry from the year-ago comp of 8% depletion growth, the kind of number we are used to seeing for this company.  Q3 shipments were up 1.6%, and net sales were up 3% (vs. shipments up 4.6% the previous quarter, and