Constellation Posts 10% Beer Depletions for Q1, Raises Guidance

Dear Client: Man, it's good to be STZ Beer. Constellation just reported beer net sales increased 11% in Q1, primarily due to volume growth. Beer depletions grew 10%. That's largely in line with Q4, when beer sales were up 11% and depletions up a little more than 9%. And that outpaced many Wall Street estimates, which cited concerns from weather to the on-premise business. Beer operating income increased 17%, primarily due to higher volume and pricing for the beer portfolio,