The Buzz
All markets and investing news all the time

Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a




Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a - hollisbaker.com

Americans love Corona, but is it paying off for investors? April 9, 2014: 11:06 AM ET
Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a
Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a - hollisbaker.com

The beer trade has been a good one for Constellation.

Bottoms up! Constellation is cashing in on America's love affair with Corona.

Shares of Constellation Brands (STZ) opened sharply higher Wednesday after the beer and wine company reported strong quarterly results, although the stock has now fallen back.

The buzz kill came after Constellation executives said on a conference call with analysts that the cost of expanding a brewery in Mexico would be much higher than previously expected.

The company raised its estimate for the cost of upgrading its Nava brewery to a range between $900 million and $1.1 billion, up from the previous estimate of between $500 million to $600 million. So far, Constellation has spent about $140 million on the brewery.

Robert Ryder, Constellation's chief financial officer, tried to put a positive spin on the news.

"Despite the increased cost to build out the brewery, our improved commercial results should keep our cash flow and delivering goals intact," he said.

Constellation said net income surged 92% in the fourth quarter to $157 million, or 79 cents per share. Analysts were expecting the company to report earnings of 76 cents per share, according to FactSet.

Corona is the best-selling imported beer in the United States, according to Constellation CEO Rob Sands.

Sales rose to nearly $1.3 billion, thanks largely to about $600 million from Crown, the division that distributes Modelo brand beers, including Corona, in the United States.

"We had a great year, driven by our beer business," Sands told analysts on a conference call today.

Constellation paid $5.3 billion to take full control of Crown last year as part of a complex deal between Anheuser-Busch InBev (BUD) and Mexico's Grupo Modelo.

The deal was held up in court after the U.S. government sued to block it over anti-competitive concerns. But regulators relented after AB InBev and Modelo gave Constellation "perpetual rights" to distribute the popular Corona beer in the U.S. market and tossed in a major Modelo brewery.

Related: Why six-packs are pricier in some markets

So far, Constellation's bet on Mexican beer is paying off.

Net sales in the beer segment rose 13% in the fourth quarter " due to volume growth driven by strong consumer demand," the company's report states.

The strength in beer helped offset softness in sales of wine and spirits, which grew only 1% in the quarter.

Constellation expects beer sales to continue growing in its current fiscal year and is looking for income to grow "in the low to mid 20 percent range."

That should lead to better-than-expected earnings. Constellation is now targeting earnings of between $3.75 to $3.95 per share for the full year, which would translate to earnings growth of up to 27%.

Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a

Now who needs a lime?

Join the Conversation
Follow CNNMoneyInvest
Fear & Greed
Sponsored by
Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a - hollisbaker.com
About This Author
Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a - hollisbaker.com
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

To view my watchlist

Not a member yet?

Sign up now for a free account
Contributors
Stupid Stock Move of the Day
#StupidStock Move of the Day! Yes, Urban Outfitters may be finally turnings things around. But $URBN up 17%? Seems a bit excessive, no?
Most Popular
You won the $1.5 billion Powerball! Here's your tax bill
 
GEOX Nihall A sneakers sale velvet+synthetic patent blackNWT Tory Burch Mini Miller Jelly Thong Sandals, Black Size 6NWOB Anthropologie Sandgrens White Morocco Criss Cross Clogs 6 Euro 36 , MS60 WOMEN'S SHOES 40 BALLET FLATS MARINO FABIANI BLACK 100% LEATHER , Rockport Top Shore Womens Black Steel Toe Penny Loafer Work Shoes Size 8.5WCOLE HAAN-NIKE AIR PIERCED CAMEL BROWN SUEDE LOAFER DRIVING SHOES FLATS-6.5B$298 STUART WEITZMAN WALKING Black Suede Designer COMFORT Loafers 6EVELYN PAUL PARIS HANDMADE BROWN LEATHER /GRAY PINSTRIPE FABRIC MULES SIZE 6 , Plomo Norma Loafer Oxford Grey Snake Leather Tassel Trim Handmade NEW GrayNew NATURAL SOUL Women Brown Leather Flat Slip On Dress Pump Loafer Shoe Sz 6 M , AUTH $298 STUART WEITZMAN Women Patent Black Alligator Leather Flat Shoes Size6M , Arcopedico N 17 Supra Leather Flats Mary Jane, Size (US 6.5) , Jslides - Gwen Leather Sneakers - Tan - 11New ENZO ANGIOLINI Women Suede Tan Flat Slip On Dress Pump Loafer Shoe Sz 10 MCOBRA SOCIETY Aqua Laser Cut Leather MOLLY Flats Espadrilles 6 7 8 9 10 11 , TOD'S Women 38.5 US 8.5 Ballerina Dee Buckle Leather Ballet Flat Silver Black A7 , Jeffrey Campbell hOMG Hi Tops Platform Shoes Womens Navy/White Trainers SneakersNWT 420$ BALLY Switzerland Women's Black Leather Slip-on Shoes Made In Italy , David Tate Womens Glow Brown Size 8.0 , IGI&CO SUSAN 47980 NERO SNEAKERS sale 47980$225 CATARINA PT9217 Oxblood Bordeaux Skull Designer COMFORT Oxfords 8.5 , $335 STUART WEITZMAN CABOT Anthracite Suede Studded Cup Designer Bow Flats 6Andre Assous Women's Tate Oxford, Black, Size 9.0 , Twisted X Casual Shoes Womens Slip On Driving Mocs 6.5 M Red WDM0035Salvatore Ferragamo Shoes Sz 6C Wide Maroon Red Suede Leather Ballet FlatsELIE TAHARI RONI BALLERINA Brown Leather Designer Flats Comfort 6.5 MJCREW JANEY PATENT FLATS-SIZE 9- BEAUTIFUL- PERFECT FOR FALL!!! , $299 size 6 Paul Green Egan Slipon Loafers Truffel Leather Womens Casual shoes , Rockport Womens Total Motion Round Toe Ballet Flats Pink Snake Size 7.5 ,
Powerball winner can stay anonymous, judge rules
 
Counterfeit goods market is booming and becoming more dangerous
 
Kodak ditches digital cameras, will focus on photo printing Kathy Van Zeeland Montana Black Wedge Ankle Boots NEW , Vince Camuto Womens Brown Leather Boots Size 8.5 B , Women's Air Nikes, Size 6, Orange and Silver, Very Good Condition, Mild wearLL BEAN Tek2.5 Waterproof Gray/ Purple Hiking Trail Boots Women's Size 7MedFranco Sarto Womens Kelton Leather Almond Toe Ankle Fashion Black Size 6.0 IOm , J.Crew Brown Suede Roaper Heel Boots w/zip,made in Italy,worn 1x,sz.8.5Ladies Easy B Ankle Boots - 78364 , Womens American Eagle Outfitters Leather Ankle Boots size 8 Brown , Bottes Pointues Cuir Noir Doublées Cuir Revers T 38 BEBernie Mev. Light Gold Women's Bella Me Casual Slip On Cap Toe Flats , collection actuelle boots noires cosmo paris taille 37 , Plus Size Winter Women Ankle Boots Zip Pointed Toe Patent PU Female Party ShoesMarc Fisher Damsel-WC Leather Wide Calf Tall Shaft Boots Womens 9.5 M Grey + , Naturalizer Francis Brown Womens Shoes Size 5.5 M Heels MSRP $219Womens Cole Haan Black Leather Mid-Calf Zip-up Boots Heels US 7 1/2 B 7.5Stuart Weitzman Boots Shoes Outsole Measurement 10" , SPRING STEP 'Firefly' Women's Black Leather Flats US 6-6.5 - BRAND NEW!Easy Spirit Women's Traveljewel Mule Silver/Light Gold Leather 9.5 M USWALDLAUFER WOMEN'S NINA HANIN WALKING COMFY WEDGE SLIP-ON, WIDE WIDTHDANSKO Gray Suede Green Knit Slip Resist Clogs Shoes Women's Size 39 / 8.5ECCO Womens Shape Pointy Ballerina Ballet FlatEU/5-- Pick SZ/Color. , Premier Mercury Santa Cruz Women's Fitness Gym Shock Absorbing Trainers , NEW COLE HAAN WOMENS WOMEN'S 2.ZERØGRAND LASER WINGTIP OXFORD - BRANDY BROWN...Womens Preppy Bowknot Flats Heels Shoes Pointy Toe Ankle Strappy Loafers Oxfords , Womens Nike Air Max 1 AQ6378-001 Desert Sand Brand New Size 12 , Saucony Women's Omni 16 Running Shoe, Grey Blue, 8.5 Medium US , PUMA Womens Vikky Platform- Select SZ/Color.Women's Asics GEL-LYTE V BLACK/BLACK H7E8L-9090VANS Milton Women's Black Leather Sneakers Shoes Rear-Zipper size 7 NICE! w/ box , Nike Air Zoom Women's Mariah Flyknit Racer Running Shoes Size 10 Grey/Silver ,
 
University of Phoenix is the latest college under investigation
 
Latest Buzz Videos
See all videos
Melissa 27792 Glam + The Little Prince Melissa II The Mashup 2017 Vegan Shoes Colors & Sizes Style 21b1f9a Flats
2156850
3466819
5973334
7250605
7275898
10136791
15346562
15735380
16213879
Powered by WordPress.com VIP.