Our Outlook for Constellation Brands Remains Intact, Despite Tepid First-Quarter Margins
Narrow-moat Constellation Brands continued to post solid top-line results in the first quarter, with further strength in beer volumes driving net sales growth of 6%. The beer segment (which contributed roughly two thirds of sales this quarter) reported 11% revenue growth on an 8.6% increase in shipment volumes, tracking in line with our annual outlook for 8%-9% volume growth and around 150 basis points of pricing. However, from a profitability standpoint, the segment fell slightly short of our e...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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