Corona beer maker Constellation Brands falls after slashing annual forecast
02/09/2025 15:08
Updates ** Corona beer maker Constellation Brands' STZ.N shares slip as much as 7.8% to $149.36 in early trading ** Co cuts fiscal 2026 forecast due to soft consumer demand driven by tariff-related price hikes and economic uncertainty ** Stock hits lowest levels since April 2020 ** Expects comparable EPS in the range of $11.30 to $11.60 compared with prior forecast of $12.60 to $12.90 ** Sees enterprise organic net sales to decline between 4% and 6% vs. a 1% to 2% decline forecast earlier ** "High-end beer buy rate declines for Hispanic consumers were more pronounced than general market declines, which has an outsized impact on our Beer Business compared to the broader beer category," co says ** Stock down nearly 27% YTD, up to last close (Reporting by Sanskriti Shekhar) ((Sanskriti.Shekhar@thomsonreuters.com;))