The Buzz
All markets and investing news all the time

NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Donald J Pliner
Heel Height: Flat (0 to 1/2 in.) Style: Mules
Color: Black Width: Medium (B, M)
Country/Region of Manufacture: Spain Material: Leather

NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749 -

Americans love Corona, but is it paying off for investors? April 9, 2014: 11:06 AM ET
NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749
NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749 -

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%.

NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749

Now who needs a lime?

Join the Conversation
Follow CNNMoneyInvest
Fear & Greed
Sponsored by
NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749 -
About This Author
NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749 -
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
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
$350 NEW Stuart Weitzman Rascal Black Crocodile Embossed Leather Loafers sz 5MARA & MINE Womens White+Black Ponyhair JADEY Classic Mule Flat Slide Shoe 9Womens Cole Haan Grandpro Tennis Shoes Platino Glitter Metallic 8.5 Shoes NWT , L.K. Bennett London Womens Black Patent Leather Open Toe Ankle Strap Shoe Sz 7.5Womens Melissa + Jason Wu Ultragirl Light Pink Flats W/Bow 225492 Sz 10 $150Walking Cradles Bay Wine Patent Lizard Print Flats - Size 9MSam Edelman Women's Florence Ballet Flat, Black Leather, 11 M US , MUNRO AMERICAN Womens Black Suede Loafers Shoes Sz 5.5 , NAOT Kirei Size 10 Black Mary Jane FlatsFashion Women's Flat Heel Pointy Toe Buckle Transparent Hollow Mary Janes ShoesWomen's Size 8.5 N AA SAS Easier Mocha Slip Ons Loafers San Antonio Shoes , Rocky 4EurSole Womens 5.5 6 36 Nursing Clog Shoes Marble Patent Leather Black , BERNIE MEV FAME - Fame Size: - Color: , Womens GEOX Sparkling Beige Sneakers Espadrilles Sz. 39Frye Women's Gwen Perforated Leather Slide, 5.5Dansko 36 Shyanne Full Grain Saddle , Sam Edelman lela sneakers(women’s) size 9m , ECCO Womens 'Bluma' Morillo Leather Textile Toggle Sandals Sz 42 - 231046Naot Kirei Mary Jane Women's Shoes Leather/Suede Gray Slip On Moccasins Sz 37/6Johnston & Murphy Women's Jodi Perfed Slide Sandals, Gold Metallic Suede-Sz 8.5M , French Sole New York Motif Ballet Flats, Zebra Tapestry, 5 US , Sam Edelman Rae Women's Black Suede Flats Sz 6.5 1037 , women's shoes DR. MARTENS 6 () Ballet Flats Black Canvas BT243-37 , FITFLOP Womens 'Superskate' Black Tassel Leather Loafers Sz 7UNIQUE VIA SPIGA CANVAS ANIMAL PRINT PATENT LEATHER BALLET FLATS US 11? HOTWomens SANTINA brown leather clogs shoes sz. 37 $129Dansko Deni Fringed Clog - Women's Size 10.5/11, BlackTORY BURCH Gold Metallic Ballet Flats Great Condition!!!!NWOB Donald Pliner black studded loafers Size 7 M
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 Spot On F50167 Ladies Knee High Brown Boots UK Sizes 3 x 7 (R21A)6M Sporto Womens Boots Snow Waterproof Slip Resistant Mid Calf Black QuiltedWomen Rock & Republic Size 8M Metallic Platform Stiletto Heels Ankle Boot Bronze , Ladies Womens Ankle Boots Block Heel Fluffy Fur Fashion Casual Shoes Size 3-8Klub Nico Bliss Rose Open-Heel Pointed Bootie Mule adjustable slingback strapColeman Dry Leather Waterproof Boots - W 5.5 - Everest 2Vasque Breeze III Mid GTX Women's Gargoyle/Stone Blue Hiking Boot 8.5MRemonte 'Santana' Black Leather/Wool Side Zip Fold Over Boots Women's Size 38Jeffrey Campbell Womens Boots Lita Camel Suede Leather Heels Booties Shoes 8.5Natural Soul Trish Faux Leather Riding Boots, Women's - Size 7 M, WhiskeyNew GOTIE Italian Calf-hi Suede Studded Zipper Riding Boot US 7 , GB35 Cathrin Wedge Knee High Boots 000, Black, 6.5 USLAREDO WOWEN'S COWGIRL BOOTS | SIZE: 8.5 + ****FREE HANGER****Great condition! Genuine leather Justin Boots - Women, size 9 - BlackFitFlop Women's Superskate Shimmersuede Slip Mule - Black - Size 9Stuart Weitzman Flair Black Womens Shoes Size 8 M Flats MSRP $365T.U.K. Unisex V8501 Creeper Oxford - Choose SZ/ColorDonald J Pliner Womens EMBE-MAMA Suede Closed Toe Loafers, khaki, Size 8.5 , Womens Rocket Dog Light Blue Check Sneakers NEW!Rockport Cobb Hill Women's Emma-Ch Ballet Flat, Black, 7 M USWomen's Mules Slippers Loafers shoes Round Toe Tassel Leather Oxfords SHoesLanvin Blue Leather Scrunched Round Toe Ballet Flats Size 37 , G di G - - 320920 - GoldGilardini Firenze Comfort Gripper Soles Shoes 40 Black Patent Leather ITALYadidas Cool TR Clima Navy Pink Women Training Trainers Shoes BA7990new adidas EQUIPMENT RACING OG women's shoes sz 7.5 running sneakers trainers , Adidas Grand Prix Magenta Pink Rare Ds New Sz Wmns 8 New , New Womens Nike Free TR 6 Trainer Running Shoes 833413-401 sz 6 Racer BlueREEBOK LIGHTWEIGHT RUNNING SHOES WOMENS 7.5 EXCELLENT! PURPLE FREE SHIP , Bernie Mev Women's Charm Yael Mary Jane Endure Comfort Shoes ,
University of Phoenix is the latest college under investigation
Latest Buzz Videos
See all videos
NEW! Pliner NIB Donald J Metallic Pliner J BABOU2 Black Distress Antique Metallic Leather Mule 5.5 9627749 Flats
Powered by VIP.