Guidance Lowered, But Constellation Still High on its Beer Growth

Dear Client:  Constellation chief Bill Newlands and CFO Garth Hankinson hopped on the annual Barclays Global Consumer Staples Conference yesterday, just a couple of hours after revising their FY 2025 guidance. The usual sub-themes emerged, including brass’ continued expectation that their beer portfolio will grow.   But they noted that the election may be causing some consumer “pull in” as well.  That, along with slower trends in their top five markets --  California, Texas, Florida, New York, Illinois – have affected