The Buzz
All markets and investing news all the time

Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2

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: Lamo
Color: Purple Style: 826046_1803871

Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2 -

Americans love Corona, but is it paying off for investors? April 9, 2014: 11:06 AM ET
Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2
Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2 -

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%.

Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2

Now who needs a lime?

Join the Conversation
Follow CNNMoneyInvest
Fear & Greed
Sponsored by
Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2 -
About This Author
Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2 -
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
Nine West Women's Molded Footbed Slide Sandal Gold SlidesSAS women shoe 8W Viva black slip on clog faux snake 75673640 , Crocs Women's Isabella Gladiator Sandal Paradise Pink/Oyster SlingbacksLamo Women's Aria Scuff Navy Scuffs , White Mountain Women's Hickory Slide Sandal Brown Leather Slides , Nine West Women's Loafer Scuff Slipper with Bow Black/White Scuffs , Bates Women's Lites Shoe,Brown,11 N US , Bare Traps Women's Rebecca Slide Sandal Champagne Polyurethane Slides , Ariat PRG Black Leather Clog Mule Slip On Womens Shoes 8 US 39 EURCOLE HAAN Womens Wedge Heels Bow Cork Toe Beige Snake Print , Dansko 39 Womens Black leather Clog Size 8.5-9 , Aerosoles Women's Rose Gold Flatform Sandal Bone Suede Slides , Dr. Scholl's Women's Palm Slide Silver Splatter PU SlidesNEW Dansko Kaya Black Leather Clog Size US 6 1/2 to 7 NIB , Easy Spirit Women's Muscari Slide Gold Leather SlidesDansko DARK NAVY BLUE MARBLED PATENT LEATHER Professional Clogs Size 37 6.5.-7Steve Madden Women's Vibe Slide Sandal Black Knit Fabric Slides , Dansko Womens Red Perforated Leather Clogs Gold Studs Comfort Shoes EUC Size 41Dansko Womens Clogs Mules Professional Shoes Black Size 42 Euro / 11.5-12 USECCO Corse 3 Strap Leather Wedge Loafer Women's 39 US Shoe Size 8 / 8.5M NEWROCKY NEW 38M 7 - 7.5 CLOGS 4EurSole RKH053 Two Option Soles Health Care , Aerosoles Women's Mid Level Block Heel Slide Black Fabric SlidesClarks 26116791 Vailee Frost Black Nubuck Women's Casual ShoesSteve Madden Women's Vibe Slide Sandal Blush Knit Fabric Slides , Lucky Brand Women's Bapsee Mule Black Textile Mules , Easy Street Women's Nola Slide Red Polyurethane Slides , Allbirds Women's Wool Loungers Shoes Kotare Plum Limited Edition 7 $95 Sold OutLa Redoute Collections Womens Patent Yellow Crossover Strap SandalsRocket Dog Women's Moon Slide Sandal Black Jungle Bloom Cotton Slides
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 report 5.5 Boots studded biker combat riding black boots 11FAmerican Rag Brown Leather Boots 5 1/2 , Women Warm Winter Boots Waterproof Rubber Mid-Calf Down Plush Insole Snow 4.5-10Mark and Maddux Common-03 Sleek Metallic-toe Booties in Brown SIZE 7 , Easy Street Women's Devo Ankle Bootie, Grey/Croco, 10 2W US , OZARK TRAIL Grey Blue Suede Water Proof Winter Insulated Fur DUCK BOOTS ZIP 10 , Steve Madden Graant Women's Stone Boot 8.5M , Marc Fisher Womens Justice 2 Closed Toe Ankle Fashion BootsAK Anne Klein Geordanna Boot - Women's 7.5 M, BlackCR Silver Rhinestone Flame Design High Heel Thigh Boot Us Size 6-11 GiGi 65Sporto Womens Lori Leather Almond Toe Ankle Fashion Boots Taupe Size 8.0 H3bR , New Womens Tan Leather Chelsea Ankle Fashion Dealer Boots SizesNatan Size 6/36 Gold Ballet FlatsDAN POST WOMENS 10 M BROWN LEATHER CLASSIC WESTERN COWBOY BOOTS ROPERSMoschino Womens Black Shoes Size 9 Pre Owned Authentic One OwnerCole Haan Women's 2.Zerogrand Laser Wing, Bronze Metallic, 9 B US , Magnifique Ballerines DOLCE & GABBANA 37.5 , Vince. Warner Beige Womens Shoes Size 9.5 M Flats MSRP $225 , New Neiman Marcus WMN Burgundy Leather Suede Low Heel Shoes Sz10AA Made in Italy , AQUATALIA Size 6 GWENDOLYN Pewter Metallic Loafers Flats Shoes$670 NIB Prada Leather Ballet Flats Black Leather 6.5EU/6.5US GORGEOUS!! , Dr. Scholls women's size 10 Black sandals Advanced Comfort Series Shoes 42 EURCrocs Women's Olivia II Flat - Choose SZ/Color , Anyi Lu Women's Burgundy Suede Ballet Wedges 2741 Size 40Saucony Originals Women's DXN Trainer Vintage Sneaker White/Gum Retro ShoesLacoste Carnaby EVO 118 1 Spw Sneaker - Womens , DC Trase TX SE Womens Skate Shoe - Choose SZ/ColorVans Iso 1.5 Women's Size 5.5 Italian Weave Abstract Micro Chip OTW Rare , Markon women size 10M soft suede boots mid calf "simone" style brownStuart Weitzman Guido Tassle Suede Gray Loafer Size 7.5 ,
University of Phoenix is the latest college under investigation
Latest Buzz Videos
See all videos
Lamo Women's Wembley Wembley Scuff Purple Slippers tkphotog-14080 Slippers 60d7ed2 Comfort Shoes
Powered by VIP.