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Thursday, March 4, 2021

Slow drink: Corona, Modelo brewer slashes forecast

Beer and wine producer Constellation Brands plunged Thursday after it reported a steep quarterly loss and slashed its full-year profit forecast. The 6% drop was the Victor, New York-based brewer of Corona and Modelo beer’s worst day since January, when warned it would miss its fiscal 2019 profit goal. Constellation lost $2.77 per share in the June-August period, the second quarter of its 2020 fiscal year. It blamed last year’s $4 billion investment in Canadian cannabis seller Canopy Growth. It agreed to sell 30 of its wine and spirits brands to E. & J. Gallo to help finance the move into legal pot, but that deal has run into costly delays. Constellation said Thursday it now expects that sale to be completed at the end of November.

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