The Buzz
All markets and investing news all the time

Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3

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: Propet
Style: 826220_1804340 Color: Denim Full Grain Leather

Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3 -

Americans love Corona, but is it paying off for investors? April 9, 2014: 11:06 AM ET
Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3
Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3 -

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%.

Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3

Now who needs a lime?

Join the Conversation
Follow CNNMoneyInvest
Fear & Greed
Sponsored by
Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3 -
About This Author
Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3 -
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
LaCrosse Women's Grange 14" Wellington Boot Black Waterproof BootsBrooks Ghost 10 Women's Navy/Pink/Teal Green 2461B451 , New Balance Women's 824 Trainer Grey/Guava Cross Training Shoes , New Balance Women's 824 Trainer White/Deep Violet Cross Training Shoes , Fabulicious Women's Amuse 2020 Boot Black VelvetNike Free TR 8 Women's Summit White/Wolf Grey/Pure Platinum 8183100Comfortiva Women's Faye Slingback Denim Otago NubuckDavid Tate Women's Canyon Quarter Strap Espadrille Black Nubuck , New Balance Women's WW813 Off White/Light Grey/LeadAltra Footwear Women's One V3 Running Shoe Purple/Orange SneakersNike Air Presto Women's Blue Nebula/Blue Nebula/White 78068404 , Nike Zoom Winflo 5 Women's Black/White/Anthracite A7414001 , Dansko Women's Professional Clog Script Patent Leather , Naturalizer Women's Emiline Loafer Cheetah Print LeatherRockport Women's Cobb Hill Ireland Fisherman Pewter Full Grain Leather , Sperry Top-Sider Women's Oasis Loft Boat Shoe Linen/Oat Leather/Textile SneakersLaCrosse Women's Grange 14" Wellington Boot Balsam Green Waterproof BootsWalking Cradles Women's Halle Slingback Black Agata Leather Strappy SandalsEastland Women's Patricia Driving Moc Silver Leather Driving ShoesBrooks Revel Women's Black/Anthracite/Primer Grey 2491B002 , PUMA Suede Platform Women's Oatmeal/Gum 36471801 , Aravon Women's Wembly Side Zipper Slip On Shoe Blue Textile Zipper , Cougar Women's Flip Slip On Waterproof Sneaker Wheat Nubuck Sneakers , adidas Supernova Women's Solid Grey/White/Solid Grey BA9937 , Nike Air Force 1 High Women's Black/Black/Gum Med Brown/Sail 54440009ASICS GEL-Kenun Women's White/White/Glacier Gray 7C90101Rockport Women's Lanea Thong Sandal Teal Floral Leather Platform SandalsPleaser Women's Electra 3028 Black Stretch PatentASICS Women's GEL-Exalt 4 Running Shoe Port Royal/Frosted Rose Running Sneakers ,
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 SALOMON -Womens 8 Med- Heavy Black Split Lea. CONTRAGRIO WALKING/HIKING BOOTIES , Style & Co New Womens Tiny Black Leather Boots 6 M Shoes , women's shoes boots black ankle boots plateau high heel suede , PREDICTIONS WOMENS RUSTY BROWN COLORED FAUX LEATHER 3.5" HEEL BOOTS SIZE 6.5 , Kim Rogers JENNA 2 Taupe Synthetic Suede Side Zip Mid Calf Boots Women’s Size 9MUS Shoe Size Women Fashion Ankle Boot Comfort Casual Fashion Dress Zip Booties , Earth Origins Cammie Grey Leather Ruched Ankle Boot NEW , New Steve Madden Womens Urbanite Black Booties Shoes sz 8 , Gray Winter Comfortable Flat Ankle Boot Fur Inside/Button Size 5.5 , Nine West Gold Metallic Leather Country Western Style Mid Calf Tall Boots 6 , COGNAC DELLA-5A Women Faux Leather Faux Fur Lining Knee High Boot Size 9Aquatalia by Marvin K. Black Suede Ankle Wedge Boots Sz: 6.5 , Jessica Simpson Size 9 M Midara Taupe Ankle Booties New Womens ShoesNEW San Francisco 49ers CUCE Faux Fur Women Size 7 Jeweled Embroidered Boots , Chooka Women's Cara Camo Rain Boot, Green, Size 6.0 aV8SDonald J Pliner Dance 2-T5 Womens Tulipano Fabric/Leather Flats size 7.5 , Women's Sperry Pier View Prints Natural Coral Ocean Sneaker Top Sider Sz 9 NewMerrell Brindle Hiking Shoes Womens Size 6.5M Green Vibram Sole -4284 , Women's Sport Shoes Sneakers Outdoor Running Walking Athletic Casual Breathable , J Slides Women's Aztec Fashion Sneaker, Tan, 7 M USNWB J.Crew Classic D'orsay Flats In Gingham Seafoam Multi Sandals Size 6,7 , Skechers 801 Street Womens Double up-Shiny Dancer Fashion Sneaker , Nike W Nike Air Max Thea Ultra FK Running Womens Shoes Grey 881175-005 Sz 7 , J Slides Women's Spazo Sneaker, Pink, Size 7.5 e2vTSeychelles Womens IB00969 Leather Hight Top Pull On Fashion Sneakers , Asics T7C6N Gel-Cumulus 19 Athletic Shoes - Women's Size 8.5 2A, Blue/Black , adidas Cloudfoam Advantage Adapt - Pink - WomensWomen's BCBG Brown Heeled Boots 7 BootsWomens ladies Stilettos Pull On Ankle Boots UK Size Ankle Boots Black OL Sexy Sz , Candie's Fringed Midcalf Faux Fur Boots ~ Size 7.5 ~ New In Box ~ MSRP $54.99
University of Phoenix is the latest college under investigation
Latest Buzz Videos
See all videos
Propet Women's 27788 Harper Sneaker Women's Denim Full Grain Grain Leather 3aec2a3 Athletic Shoes
Powered by VIP.