Constellation’s Beer Portfolio Continues to Buck Category Trends, but Shares Still Not a Bargain
Narrow-moat Constellation Brands posted year-end results that matched our expectations, with net sales of $7.6 billion (3.5% growth) and gross margin expanding 220 basis points to 50%. We remain impressed by the firm’s beer business as sales grew 12% during the quarter (on top of double-digit growth in the prior two fourth quarters), driven by a 10% increase in shipment volume. We plan to tick up our near-term outlook for volumes in the beer segment (increasing our outlook for 6%-7% growth in fi...Constellation Brands is an international beverage alcohol company. The company is a producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. The company has two segments: Beer, in which the company is engaged in the U.S. beer market that includes the imported, craft, domestic super premium, and alternative beverage alcohol categories and it has the right to import, market and sell these Mexican beer brands in the U.S.; and Wine and Spirits, in which its wine portfolio is supported by grapes purchased from independent growers, primarily in the U.S., New Zealand and Chile, and vineyard holdings in the U.S., New Zealand and Italy.
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