Constellation Earnings: Beer Volume Growth Is Promising Amid Macro Uncertainty; Shares Undervalued

Constellation Brands' first-quarter organic sales increased 3% to $2.4 billion, with 2% organic growth in beer and 8% in wine and spirits. Comparable operating margin expanded 120 basis points to 34.3%, driven by a mix shift toward higher-margin beer following last year's wine divestitures.