Constellation Brands moved higher Monday, adding to gains made Friday after the Modelo and Corona maker delivered solid quarterly beer numbers. The company, overall, reported a mixed fiscal 2024 third quarter Friday morning, delivering solid Beer segment performance with strong profitability. However, its lagging Wine & Spirits continued to disappoint, with management cutting their full-year financial outlook on the segment. Still, overall, Constellation raised its full-year earnings and cash flow outlook. If you like this story, sign up for Jim Cramer’s Top 10 Morning Thoughts on the Market email newsletter for free . While beer “is not affected so far” by the weight-loss GLP-1 drugs, health-conscious consumers are more concerned with consuming wine and spirits, Jim Cramer said Monday. Jim has been calling for the company to divest its underperforming Wine & Spirits business and focus its efforts on its outperforming beer business. “If they can just be a beer company, the stock would be much higher,” Jim explained. Here’s a full list of the stocks in Jim’s Charitable Trust , the portfolio used by the CNBC Investing Club. Constellation CEO Bill Newlands told Jim on Friday for “Mad Money” that the new GLP-1 weight loss drugs are “having next to no impact on us.” At the same time, he acknowledged wine remains “challenged” but said the brands have “a lot of runway.” Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club, owns Constellation Brands.
Constellation Brands moved higher Monday, adding to gains made Friday after the Modelo and Corona maker delivered solid quarterly beer numbers.
The company, overall, reported a mixed fiscal 2024 third quarter Friday morning, delivering solid Beer segment performance with strong profitability. However, its lagging Wine & Spirits continued to disappoint, with management cutting their full-year financial outlook on the segment. Still, overall, Constellation raised its full-year earnings and cash flow…
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