Constellation: Wine & spirits growth pretty good, but just over half that of beer

This is an except. For the full report, contact: RBC Capital Markets.

“Despite the adverse weather, Constellation Brands managed to deliver 19% top line growth in its beer business (15% excluding Ballast Point) and had depletion growth of 10% – better than buy side expectations of 8-9%.

“And based on our field work (supported by scanner data), June is also performing well (beer depletions up low to mid-teens). Wine/spirits also delivered very strong numbers with 8% top line (versus mid-single-digit guidance). ”