Constellation Beats Estimates on Strong Beer Demand
Constellation Brands posted better than expected second quarter profit and sales driven by resilient demand for its beer brands. The company also announced the acquisition of vodka beverage maker SpikedAde for seventy five million dollars to expand its portfolio.
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Constellation Brands beat second-quarter profit and sales estimates on Tuesday, driven by resilient demand for beers such as Modelo Especial. Net sales rose 6% to $2.63 billion during the quarter ended August 31, topping analyst expectations of $2.54 billion. The beer maker also acquired SpikedAde for $75 million to expand its ready-to-drink portfolio.
