Constellation Brands Sales Drop as Modelo Parent Cites 'Softer Consumer Demand'

Constellation Brands (STZ) posted fiscal first-quarter results Tuesday that fell short of analysts’ expectations. The beverage giant's CEO pointed to weak consumer demand. The Corona and Modelo parent reported revenue of $2.52 billion, down 6% year-over-year and slightly below the analyst consensus from Visible Alpha. Adjusted earnings of$ 572.9 million, or $3.22 per share, fell from$ 654.5 million, or $3.57 per share, in the year-ago quarter, also failing to reach estimates. Looking ahead, Constellation ...