Constellation Brands (STZ) posted better-than-expected quarterly results and raised its guidance as its beer business benefitted from the 澳洲幸运5官方开奖结果体彩网:backlash faced by rival Anheuse♍r-Busch Inbev (BUD) over its partnership with transgender influencer Dylan Mulvaney. However, concerns about Constellation’🀅s other liquor offerings sent shares lower.

The company reported second quarter fiscal 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $3.70, with revenue increasing 7% to $2.84 billion. Both were above forecasts.

Sales of its beers jumped 12%, with shipments rising 8.7%. Sales of Modelo Especial, which overtook Bud Light as America’s best-selling beer following the Mulvaneyꦍ partnership, gained 9%. Modelo Chelada brands sales soared 42%.

Wine and spirits sales slumped 14%, with the number𓃲 of cases sold to retailers by a distributor down 7.8%. CEO Bill Newlands noted that the unit continued to face demand headwinds, especially among its mainstream products as consumers are choosing to buy more premium brands. 

The company boosted its full-year EPS outlook to $9.60 to $9.80 ಞfro⛦m the previous $9.35 to $9.65.

Constellation Brands shares fell 3.2% on Thursday, but were up 6% year-to-date.