Modelo beer is displayed on a shelf at a Safeway store on October 6, 2025 in San Anselmo, California.
Justin Sullivan | Getty Images
Constellations BrandsU.S. maker of Modelo and Corona, withdrew its previously released 2028 fiscal outlook on Wednesday and reported slightly weaker demand as consumers navigate a rapidly changing macroeconomic environment.
The company said it was encouraged by fourth-quarter momentum in its beer, wine and spirits businesses, but the broader environment indicates continued uncertainty. Constellation Brands also named Nicholas Fink as its new CEO, effective April 13.
“We expect the operating environment to remain dynamic given the evolving socio-economic context and limited near-term visibility,” the company said in a statement.
Shares of Constellation Brands were down slightly in extended trading.
Still, the company beat Wall Street’s expectations for its fourth-quarter and full-year results.
Here’s the company’s fourth-quarter performance, compared to what Wall Street expected based on a survey of analysts by LSEG:
- Earnings per share: $1.90 per share adjusted versus $1.72 per share expected
- Income: $1.92 billion versus $1.88 billion expected
For the fourth quarter, the company reported net income of $224.7 million, compared to a loss of $370.6 million a year earlier.
The company said its beer business continues to be one of its key sources of growth, even though its overall net sales for fiscal 2026 declined 3%.
For fiscal 2027, the company said it expects adjusted EPS between $11.20 and $11.90, compared to estimates of $12.36 per share. Constellation Brands said spending behavior in alcohol categories has become more “deliberate” due to broader economic uncertainty, with overall demand in its categories remaining “moderate” for most of the year.
“Despite the dynamic operating environment in fiscal 2026, we remained focused on the factors within our control and executed with discipline,” CEO Bill Newlands said in a statement.