Constellation Teases FYQ4 Drivers and Their “Outstanding” November Beer Trends

Dear Client:  It was a tale of two businesses again for Constellation FYQ3. Beer did better than expected in many regards, with depletions strong (+8%), operating margins hitting 38.5% and operating income growth revised upward for fiscal ’24 (up 7%-8% vs. 6%-7%).  But the wine and spirits business was down 10% in depletions and 8% in net sales, and guidance was further slashed there, to estimated organic net sales declines of 7-9% (vs. down 1%-2%) and with operating income expect