Constellation Brands reported better-than-expected earnings of $3.19 per share
Constellation Brands Inc (NYSE:STZ) reported mixed fiscal third-quarter results before the bell this morning, with earnings of $3.19 per share beating analyst estimates of $3.00, while revenue missed estimates. The company also lowered its full-year forecast, cutting its sales guidance for its wine and spirits business.
Sales of Modelo Especial helped boost the beer maker’s results, as according to the Wall Street Journal, the Mexican import brand overtook Bud Light as the nation’s top-selling beer in 2023.
Constellation stock is climbing after the results, up 3.3% at $250.22 at last glance, and trading at its highest levels since late September. The equity is also rising above its 100-day moving average for the first time since then, too. Over the past year, STZ has risen 20.4%.
Naturally, options traders are targeting the stock today. So far, 6,065 calls and 4,475 puts have exchanged hands, which is already 2.6 times the average daily options volume. The January 235 put is the most popular, followed by the January 255 call. It’s also worth noting that there is plenty of call open interest at the January expiration.
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