Sector: Consumer Staples|Industry: Beverages - Brewers|Market Cap: $41.45B|Employees: 10.6K
Constellation Brands is an international producer and marketer of beer, wine, and spirits. The company's core business model revolves around building and marketing high-quality, consumer-connected brands, with a focus on the high-end segment of the beverage alcohol market. Constellation Brands holds the position of the second-largest beer company in the U.S. and is a key player in the wine and spirits sector, with a strong presence in the U.S., Mexico, New Zealand, and Italy.
The company's net sales increased by 5% year-over-year, reaching $9,961.8 million, driven primarily by growth in the Beer segment, which was partially offset by a decrease in the Wine and Spirits segment.
Operating income increased by 11% year-over-year, reaching $3,169.7 million, largely due to improvements in the Beer and Wine and Spirits segments, partially offset by lower Digital Business Acceleration investments in the Corporate Operations and Other segment.
Net income attributable to CBI increased to $1,727.4 million, compared to a loss of $71.0 million in the prior year, primarily due to lower impairment and other losses related to the Canopy investment and improvements in the Beer segment.