Constellation Brands (STZ.US) stock fell more than 4% despite the fact that the maker of Corona beer posted upbeat fourth quarter figures thanks in part to solid beer sales and improving margins for high-end wines and spirits. The company earned $1.95 per share on $1.95 billion in revenue while analysts' expected earnings of $1.55 per share on $1.87 billion in revenue. Company said it performed well despite pandemic-related challenges. However guidance for financial year 2022 slightly disappointed. Company expects earnings in the region between$9.95 to $10.25 which came in below current expectations of $10.40 but may not be fully factoring in the economic reopening expected for this summer.
Constellation Brands (STZ.US) stock fell more than 4.0% following the earnings release and is currently testing lower limit of the consolidation zone at $225.59. Source: xStation5
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