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.
Net sales reached $2,661.8 million, a 6% increase compared to $2,514.9 million in the prior year, primarily driven by a 8% increase in beer sales, partially offset by a 7% decline in wine and spirits sales.
Operating income grew to $941.6 million, a 23% increase compared to $764.7 million in the prior year, primarily due to increased shipment volume, favorable pricing, and lower cost of product sold in the beer segment.
Net income attributable to CBI reached $877.0 million, a substantial increase compared to $135.9 million in the prior year, largely due to favorable impacts from Canopy-related activities, improvements in the beer segment, and a lower provision for income taxes.