NYSE$STZ
Constellation Brands Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Constellation Brands' Q2 2024 earnings reflected double-digit net sales and operating income growth in the beer business, with Modelo Especial solidifying its position as the leading beer in the U.S. The wine and spirits business showed strong relative performance, driven by higher-end wine brands.
Constellation Brands reported a strong second quarter in fiscal year 2024, driven by the Beer Business. The company achieved reported EPS of $3.74 and comparable EPS of $3.70. The Beer Business experienced double-digit growth in net sales and operating income, while the Wine and Spirits Business delivered strong relative performance.
- Achieved reported EPS of $3.74 and comparable EPS of $3.70; excluding Canopy EIE, generated comparable EPS of $3.80.
- Beer Business achieved strong net sales and operating income each posting double-digit increases and a high-single digit depletion growth primarily driven by continued momentum of the Modelo brand family.
- Wine and Spirits Business delivers strong relative performance, driven by our largest higher-end Wine brands, including Meiomi and Kim Crawford outpacing their corresponding category segment, in Circana channels.
- Generates $1.6 billion of operating cash flow, a decrease of 2%, and $1.0 billion of free cash flow, a decrease of 15% driven by brewery capacity investments.
Headline financials
Revenue & EPS history
Constellation Brands · Revenue · Quarterly
$2.84B
Revenue by segment
Constellation Brands · $2.84B total across 2 segments · Q2 2024
- Beer$2.39B+11.8%84.3%
- Wine and Spirits$444M-13.9%15.7%
Forward guidance
Constellation Brands provided the following guidance for fiscal year 2024: Beer net sales growth of 8-9%, operating income growth of 6-7%; Wine and Spirits organic net sales decline of 0.5% to growth of 0.5%, operating income growth of 2-4%; Corporate expense of $270 million; Interest expense of $460 million.
Tailwinds
- Beer: net sales growth of 8 - 9%
- Beer: operating income growth of 6 - 7%
- Wine and Spirits: organic net sales decline of 0.5% to growth of 0.5%
- Wine and Spirits: operating income growth of 2 - 4%
- Operating cash flow: $2.4 - $2.6 billion
Headwinds
- Corporate expense: $270 million
- Interest expense: $460 million
- Tax rate: reported approximately 20%
- Weighted average diluted shares outstanding: approximately 184 million
- Capital expenditures: $1.2 - $1.3 billion, including approximately $1 billion targeted for Mexico beer operations activities
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
+0.4%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.0%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+10.8%
Q3 2014
Best reaction
-16.8%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | -0.1% | +9.5% | -1.6% | |
| Q3 2026 | +2.5% | +5.7% | +11.1% | |
| Q2 2026 | +1.1% | +1.9% | -7.8% | |
| Q1 2026 | +1.3% | +1.2% | +1.3% | |
| Q4 2025 | +0.7% | +0.3% | +3.6% | |
| Q3 2025 | -16.8% | -14.9% | -22.7% | |
| Q2 2025 | -0.8% | -4.3% | -9.8% | |
| Q1 2025 | -2.3% | +1.1% | -4.3% | |
| Q4 2024 | +2.0% | -1.7% | -0.4% | |
| Q3 2024 | +2.5% | +5.0% | +3.8% | |
| Q2 2024 | -2.8% | -5.3% | -2.7% | |
| Q1 2024 | -0.3% | +0.3% | +10.4% | |
| Q4 2023 | +2.9% | +2.9% | +2.4% | |
| Q3 2023 | -8.3% | -5.3% | +1.4% | |
| Q2 2023 | -2.1% | -6.8% | +3.1% | |
| Q1 2023 | -5.1% | -4.1% | +0.3% | |
| Q4 2022 | +5.3% | +7.5% | +7.4% | |
| Q3 2022 | -3.9% | -3.0% | -6.8% | |
| Q2 2022 | -0.7% | +3.1% | +3.0% | |
| Q1 2022 | +2.0% | +0.9% | -2.1% | |
| Q4 2021 | -5.1% | -4.2% | +2.0% | |
| Q3 2021 | +5.5% | +4.6% | +5.1% | |
| Q2 2021 | -1.6% | -2.1% | -11.9% | |
| Q1 2021 | +6.7% | +6.7% | +3.8% | |
| Q4 2020 | -3.4% | +9.3% | +18.0% | |
| Q3 2020 | -0.1% | -1.1% | +4.9% | |
| Q2 2020 | -6.3% | -8.4% | -7.6% | |
| Q1 2020 | +4.2% | +6.2% | +8.3% | |
| Q4 2019 | +7.6% | +6.2% | +17.6% | |
| Q3 2019 | -7.2% | -6.7% | +1.7% | |
| Q2 2019 | +5.9% | +7.4% | -4.5% | |
| Q1 2019 | -7.1% | -7.5% | -7.9% | |
| Q4 2018 | +3.5% | +2.1% | +6.2% | |
| Q3 2018 | -4.0% | -2.8% | -4.4% | |
| Q2 2018 | +4.4% | +3.4% | +7.3% | |
| Q1 2018 | +5.5% | +4.4% | +5.9% | |
| Q4 2017 | +5.6% | +5.5% | +10.6% | |
| Q3 2017 | -5.4% | -5.5% | -5.6% | |
| Q2 2017 | +3.1% | +3.2% | -3.8% | |
| Q1 2017 | +2.6% | +4.1% | +3.3% | |
| Q4 2016 | +4.0% | — | — | |
| Q3 2016 | +2.7% | — | — | |
| Q2 2016 | +4.1% | — | — | |
| Q1 2016 | +0.9% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | +4.2% | — | — | |
| Q2 2015 | +1.9% | — | — | |
| Q1 2015 | +3.1% | — | — | |
| Q4 2014 | -1.7% | — | — | |
| Q3 2014 | +10.8% | — | — | |
| Q2 2014 | +6.4% | — | — | |
| Q1 2014 | -5.1% | — | — | |
| Q4 2013 | +1.6% | — | — | |
| Q3 2013 | -1.1% | — | — | |
| Q2 2013 | +1.2% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q4 2012 | -0.3% | — | — | |
| Q3 2012 | +5.3% | — | — | |
| Q2 2012 | -2.7% | — | — | |
| Q1 2012 | -3.4% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2010 | -1.3% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +1.8% | — | — | |
| Q4 2009 | +0.4% | — | — |
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